Announced Thursday, Tether is using the Simple Ledger Protocol (SLP) as the technical means to launch its tether stablecoins (USDT) on the BCH blockchain. Tether aims for the token’s price to consistently match the U.S. dollar on a 1:1 ratio and backs its value with assets.
Tether, the world’s largest stablecoin by market value, is now live on the Bitcoin Cash (BCH) network.
Running directly on the BCH blockchain, SLP allows users to issue and manage tokens of various types. Tether said the launch means bitcoin.com wallet users – which supports BCH and bitcoin (BTC) – will be able to to send and receive USDT via SLP tokens, without the need for other applications.
Tether is currently live on the Algorand, EOS, Ethereum, Liquid Network, Omni and Tron blockchains with a total market capitalization – total units in circulation multiplied by spot price – of more than $5.6 billion, according to Tether Inc.’s treasury data. However, that does not seem to include any tokens on BCH as yet.
“Our latest collaboration with Bitcoin Cash will provide Tether with a variety of benefits,» said Paolo Ardoino, Tether CTO. «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.”
Data aggregators such as Nomics, Messari and CoinMarketCap display differing data for Tether’s market cap.
Nick Gauthier, CTO and co-founder and Nomics, told CoinDesk the firm’s API now tracks Tether’s total liabilities. The firm is now displaying around $5.6 billion for USDT, matching Tether’s stated figure.
CoinMarketCap, meanwhile, is currently displaying $4.6 billion, while Messari is closer to Tether’s figure with $5.2 billion.
Tether Says Its Newest Stablecoin Is Backed by Gold in Swiss Vault
Stablecoin issuer Tether is launching a new token backed by physical gold.Tether Gold «represents ownership of one troy fine ounce of physical gold on a specific gold bar,» a press release said Thursday. The new stablecoins, with the XAU₮ ticker, will be issued on ethereum and tron as ERC-20 and TRC20 tokens.
«Tether Gold is launching in response to the growing demand for a digital asset that provides exposure to the world’s most enduring asset and a geopolitical need for an alternative financial system,» a spokesperson said in an email.
The gold backing each token will be stored in a Swiss vault, the release claimed, without naming the facility. Tether will charge no custody fees and «has direct control over the physical gold storage.»
«Tether Gold provides the combined benefits of both physical and digital assets, removing the drawbacks of holding gold in more traditional ways, such as high storage costs and restricted access,» said Tether CTO Paolo Ardoino.
Tether’s other stablecoins are pegged to the U.S. dollar, the euro and offshore yuan.
