Tether, the world’s most popular stablecoin, will be using the Simple Ledger Protocol built upon the Bitcoin Cash network for issuing its tokens. Among other things, this means that millions of Bitcoin.com Wallet users will now be able to send and receive USDT via SLP tokens right within the app.
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Tether Joins The SLP Ecosystem
Tether, the venture behind the largest stablecoin by market cap, has announced the launch of its token on Bitcoin Cash via the Simple Ledger Protocol (SLP). USDT has a capitalization of over $5.5 billion, with the majority of tokens running on Ethereum as of today. Other cryptocurrency networks supported by Tether include Algorand, EOS, Liquid Network, Omni and most notably Tron.
Tether’s launch on SLP underlines its growing role within the cryptocurrency ecosystem. The protocol is an easy to use, robust and extensible token management system that allows anyone to create tokens on the Bitcoin Cash network in a permissionless way. It has helped the development of an ecosystem for BCH that replicates the variety of ERC20 tokens on the ETH network.
“A key strength of Tether is that it is underpinned by a rich diversity of different blockchains,” said Paolo Ardoino, CTO at Tether. “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.”
The Simple Ledger Protocol
SLP tokens can easily be created, traded, and managed on the
