Tether, the world’s largest stablecoin by market value, is now live on the Bitcoin Cash (BCH) network.
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.
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.