An additional DeFi brickTether (USDT) lands on Avalanche (AVAX) and participates in the growth of the latter’s DeFi ecosystem. Avalanche seems to want to work twice as hard to accelerate its development in decentralized finance.

Avalanche and Tether: USDT for the DeFi ecosystem

On November 10, 2021, Avalanche announces in a communicated the launch of Tether on its blockchain. For the director of the Avalanche Foundation, Emin Gün Sirer, “USDt on Avalanche is an essential building block for DeFi users

Avalanche is a decentralized smart contract platform, with the particular ambition of offering fast transactions at relatively lower costs, with potential for scalability. The CTO of Tether, Paolo Ardoino, notably underlined Avalanche’s EVM compatibility, a feature that allows Ethereum (ETH) developers easily create and launch decentralized applications on the network :

“For those who believe in the development of Layer 1 blockchain platforms, Avalanche represents an evolved project that prides itself on being compatible with the Ethereum virtual machine and could be a critical driver for developers looking to port decentralized applications to Ethereum.”

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Flocon speaks: Avalanche and DeFi

Avalanche launched its DeFi ecosystem in early 2021. According to data from Defi Llama, the TVL of the protocol exceeds $ 10 billion at the time of writing. Avalanche also announced in early November 2021, the creation of the $ 200 million Blizzard fund, which will be used to finance the development of its DeFi ecosystem.

Tether is currently the fourth largest cryptocurrency in terms of market capitalization. The stablecoin unveiled in May 2021, the composition of its reserves which are not only made up of cash and cash equivalents denominated in US dollars. This desire for transparency has not, however, prevented the iFinex group, comprising Bitfinex and Tether, from incur the wrath of the Futures Trading Commission (CFTC). The financial policeman fined iFinex, accusing the latter of not having carried out professional audits of its reserves.

Avalanche continues to forge strategic links with other major players in the cryptosphere to develop its ecosystem. Tether is coming to Avalanche today, just over 2 months after AVAX first entered Coinbase Pro.

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