According to Tether's official website, 1010 SLP stablecoins USDT have been issued based on the BCH network. The total amount of issuance is not large. Perhaps it is only used for testing the network. Once it passes the test, it will be issued in large quantities.
BCH stablecoin road
In June 2019, the first stablecoin USDH created based on the BCH main chain smart contract issuance system SLP was officially launched, the anchor was US dollars, issued according to 1:1, audited by a formal audit company, based on the BCH network The first compliant stablecoin issued. In early March of this year, according to news.bitcoin.com, the stablecoin USDT issuer Tether will use the Simple Ledger protocol (SLP) established on the Bitcoin Cash (BCH) network to issue the stablecoin USDT. However, there is no latest information in the next one or two months. Until the balance of Tether's official website wallet was found recently, the stablecoin USDT issued based on the BCH issuance protocol SLP, the BCH stablecoin really went to the public's perspective.
Why BCH is suitable for issuing stablecoins
The large block version of BCH can accommodate a large number of transactions, and will also expand the capacity according to the needs of the market. BCH network transaction fees are extremely low. The BCH network is escorted by several mining pools throughout the network, and the network is safe and reliable. The avalanche protocol deployed by BCH can shorten the transaction confirmation time to about 3 seconds, comparable to traditional payment instruments, and also makes BCH's zero confirmation mechanism a reality. The SLP protocol is also constantly evolving, becoming more and more humane and intelligent. The three years since the birth of BCH has also been widely recognized by the market, and has become the fourth mainstream cryptocurrency by market capitalization, with strong community users.
The meaning of stablecoin USDT to BCH
USDT is currently the most stable currency in the world with the most liquidity and the widest scope of application. It has become the standard for all major currencies. However, the complete ecology of any cryptocurrency is inseparable from stablecoins. , The BCH ring is made up, and application developers and users within the BCH ecosystem will feel more convenient in the future." The cooperation between Tether and the BCH community to issue stable coins can be described as a strong cooperation to complement each other's advantages and improve the BCH ecological network. Expand USDT's user base.
BCH stablecoin can seize a part of the stablecoin market in Ethereum, increase the number of transactions and fees of the BCH network, increase the income of miners, attract more computing power to the BCH network, and make the BCH network more secure and reliable. This year, BCH's major basic protocol development teams have all obtained development funds, and can concentrate on the development of BCH basic protocols. The improvement of the basic protocols can also attract more application development teams to create more and better applications.
Nice! It's incredibly interesting to see USDT on Bitcoin Cash SLP. Sending Tether on Ethereum or Bitcoin is getting pretty expensive lately. So will be curious to see if people want to adopt a more broadly available stablecoin on BCH.