USDT has been on Solana for a long time, but this is a new access route.
Users can connect USDT from Ethereum Virtual Machine to Solana natively.
Allbridge announced the integration of USD Tether (USDT) into the Solana network through its bridge, facilitating a direct connection from the Ethereum Virtual Machine (EVM) to that network. This expansion stands out as a new access route for the most valuable stable cryptocurrency on the market to the Solana ecosystem.
Allbridge’s intention is to “expand the number of routes available in Allbridge Core,” as reported in a press release published this Tuesday, October 15. This initiative not only seeks to increase the presence of USDT in Solana, which currently holds only 0.63% of the total USDT supplyequivalent to about 758 million coins, but also strengthen the interconnection between different networks.
Commenting on the integration, Andriy Velykyy, co-founder and CEO of Allbridge, said the new USDT pool on Solana not only expands its service offering, “but also paves the way for more seamless cross-chain interactions,” the executive said.
For users new to Solana, Allbridge offers the “Extra Gas” feature, designed to facilitate the recharge of wallets with SOLSolana’s native cryptocurrency, ensuring a “smooth and hassle-free user experience,” the company says.
“Our goal is to provide a seamless bridging experience, allowing users to explore the full potential of cross-chain transactions,” the Allbridge team added, underlining their focus on a user-centric platform.
The implementation of USDT in Solana through Allbridge Core aligns with the growing trend of stablecoins seeking greater interoperability. USDT, known for its relevance in the market for years and for having a market capitalization of 119 billion dollars, is present in more than 10 different networks, including Tron, Ethereum, Avalanche, Optimism, TON, Polygon, Arbitrum and BSC. The main supply of USDT is found in Tron with 49.4%, followed by Ethereum with 39.3%.
Bridges like Allbridge Core play a crucial role in the cryptocurrency ecosystem by enabling the transfer of assets between different blockchains.
This not only facilitates the mobility of assets like USDT to networks like Solana, but also opens up new access routes, increasing liquidity and accessibility for users. The practice of using these bridges means that users can move their assets more efficiently, reducing costs and transaction times by not depending on a single network.
With this integration, Allbridge not only expands its service offering, but also positions USDT in a network with significant growth potential and offering the USDT community new opportunities within the Solana ecosystem.
The announcement of the integration of USDT into the Solana network via Allbridge Core comes at a time when Solana has seen notable growth in its ecosystem.
According to recent reports from CriptoNoticias, Solana has surpassed Ethereum in terms of trading volume on decentralized exchanges, marking a significant milestone in the competition between these networks. This development underlines the growing interest and trust in Solana, not only for its consensus technology and scalability, but also its appeal for decentralized commerce and decentralized finance (DeFi).
This article was created using artificial intelligence and edited by a human Editor.
