The stable coin has recorded an increase in interest from crypto enthusiasts recently as volatility increased significantly in both crypto and traditional financial markets.
With over $180 million worth USDT tokens minted in the past few days, Tether’s market cap has increased to $5.70 billion.
The stablecoin is now hosted on the Bitcoin Cash network. Notably, the stablecoin is also hosted on Ethereum, EOS, Algorand, Tron, Omni and Liquid Network.
Bitcoin Cash also has its own native token named Simple Ledger Protocol, which is BCH’s variant of the ERC-20 token on Ethereum blockchain that sparked ICO boom.
While Tether was launched on Omni layer protocol, a major portion of USDT got transferred to Ethereum network, which almost reached its limit last year.
In the past few weeks the trend has only strengthened further. Bitcoin Cash network can validate transactions at lower costs as it has larger blocks than Bitcoin.
If a considerable quantity of Tether gets shifted to the Bitcoin Cash network, gas fees associated with Ethereum network will decline.
Paolo Ardoino, CTO at Tether stated:
“A key strength of Tether is that it is underpinned by a rich diversity of different blockchains. Our latest collaboration with Bitcoin Cash will provide Tether with a variety of benefits. We expect the adoption after launch to be pretty easy for any integrator. The launch will also support more applications on the Bitcoin Cash chain, with Tether facilitating payment for these applications.”
The Bitcoin.com wallet used to store Bitcoin Cash was recently updated to facilitate its 10 million users to gain access to SLP tokens through the app. The USDT tokens can also be accessed using the app.
Roger Ver, Executive Chair of Bitcoin.com shared his view about the development:
“It’s extremely exciting to hear that the world’s biggest stablecoin will be using the Bitcoin Cash Blockchain and that the millions of Bitcoin.com wallet holders will be able to send and receive Tether using SLP tokens.”