Tether has announced that USDT tokens are now live on the Hermez network, a decentralised zero-knowledge rollup (zk-rollup), according to a press release shared with Coin Rivet.
Hermez is an Ethereum layer 2 scaling solution that is designed to improve transactional cost and speed as gas costs on the Ethereum mainnet continue to soar.
USDT is one of the first stablecoins to go live on the Hermez network, with zero-knowledge rollups being known to provide a suitable solution to transaction bottlenecks.
“We’re delighted to be among the first to launch on Hermez,” said Paolo Ardoino, CTO at Tether.
Tether has just surpassed $45B market cap! 🎉
And it was only in January when Tether tokens ($USDt) stood at US$25 billion. Another milestone has been reached! 👩🏽🚀🚀
— Tether (@Tether_to) April 13, 2021
“This demonstrates our commitment to solving the issues of scalability and high transaction fees on the Ethereum network. Tether takes its pivotal role in the digital token ecosystem seriously. We’re committed to overcoming technical hurdles while doing our utmost to make manifest the many great projects that developers are working on in our space.”
“By onboarding the USDt stablecoin, we are incentivising transactions on layer 2 and decreasing congestion and fee pressure on Layer 1,” said Antoni Martin, Co-Founder of Hermez. “This is a win-win situation for users and stablecoin issuers as it will reduce friction and increase velocity.”
Tether is known for its dynamic approach in integrating with a number of blockchains including Algorand, Bitcoin Cash’s Simple Ledger Protocol, Ethereum, EOS, Omni, Solana and Tron.
For more news, guides and cryptocurrency analysis, click here.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.