As Cointelegraph reported, the world's largest stablecoin, Tether (USDT), has been launched on the Bitcoin Cash network.
Tether (USDT) has been gaining a lot of attention in recent weeks as people start to prefer less volatile assets. Currently, USDT has a market cap of approximately $5.7 billion, with more than $180 million in USDT minted before Bitcoin's remarkable rise in the last 24 hours.
USDT and Bitcoin Cash
According to the latest information, USDT will now also be available on the Bitcoin Cash network. It is also known that Tether is available on Ethereum, Algorand, EOS, Liquid Network, Omni and Tron networks.
Bitcoin Cash, on the other hand, has its own public token called the Simple Ledger Protocol. This appears to be the BCH version of the ERC-20 token on Ethereum that fueled the ICO boom.
In addition to these, Tether first came to life in the Omni layer protocol. Afterwards, the majority of USDT switched to the Ethereum network when they saw the network dangerously approaching capacity last year. The Bitcoin Cash network has larger blocks and lower fees than Bitcoin. If a significant portion of Tether moves to the Bitcoin Cash network, this could help reduce demand and fees on the Ethereum network.
Tether's CTO, Paolo Ardoino, used the following statements in his statements on the subject:
An important strength of Tether is that it is supported by a rich diversity of different blockchains. Our latest collaboration with Bitcoin Cash will bring several benefits to Tether. We expect adoption after launch to be fairly easy for any integrator. The launch will also support more apps on the Bitcoin Cash chain by making it easier for Tether to pay for those apps.
On the other hand, Bitcoin Cash's Bitcoin.com wallet was recently upgraded to allow its 10 million users to access SLP tokens through the app. This will now allow access to USDT as well.
I think that Bitcoin Cash smartBCH will use FlexUSD instead of USDT and that will be wonderful because you wouldn't like to have such liability as your stable coins. Tether USD is having some issues with the US so you better off using something else like USDC or FlexUSD.