Bitcoin Cash Network has reportedly released supporting feature for one of the most recognized stablecoin throughout the globe – Tether.
Specifically, the Bitcoin Cash network will officially facilitate transactions using USDT, joining previously added crypto coins and stablecoins, nominally Ethereum, Algorand, EOS, Liquid Network, Omni and Tron.
A sudden increase in the interest level towards Tether (USDT) has been recorded in the recent weeks, mainly because of the international flight to safe havens, ultimately bringing the coin’s market cap up and exceed $5.7 billion.
Over $180 million has gone through minting process lately, preceding Bitcoin’s remarkable surge in price value only in a 24-hour timeframe.
Despite the Omni layer protocol being the initial system that generated Tether, most of the USDT amount has been moved to Ethereum, which has approached closely to its capacity in 2019, and has gotten worse in the recent weeks, with the rising pattern of supply.
The Bitcoin Cash network offers bigger blocks, with a reduced fee, compared to Bitcoin. If the move to Bitcoin Cash network is finalized for a large amount of Tether, the strain currently placed on the Ethereum network, along with gas costs, will partly be alleviated.
“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.”