The OKX Chain has joined other blockchain networks by welcoming the USDT Tether stablecoin on its platform. Due to issues with transaction costs from other platforms, the new USDT on the OKC blockchain will help lower fees.
OKC Brings Tether to its Community
USDT Tether, the world’s largest stablecoin, is set to begin trading on the OKC platform. This will help in reducing transaction fees and speeding up transfers. In addition, the OKC platform will allow users to enjoy faster transaction processing using USDT.
The latest development’s most interesting aspect is that the transaction cost is as low as $.001. Moreover, Tether’s partnership with OKC has elicited great excitement from users on the OKC network.
Tether elevates OKC’s status and ensures that users enjoy great safety whenever they transact on the OKC platform.
The deal’s significance is that OKC Chain is the 12th blockchain on which Tether is listed. As a result, the announcement has drawn commendation from various quarters in the industry.
According to Lennix Lai, OKX Director of Monetary Marketplaces, Tether is usually picky about which community blockchain it will be listed on. Only the most notable ones are seen as worthy of being given a chance.
Lai added that by being found worthy of being a trading partner with the world’s largest stablecoin, OKX is excited about the future.
Furthermore, OKX Chain is among the several public chains operating between Ethereum and Cosmos. With this, OKX Chain stands to provide users with the best of both ecosystems as far as service delivery is concerned.
Lai concludes that as the most widely used stablecoin in the digital asset industry, Tether’s pedigree will aid OKC’s push for expansion.
OKC’s compatibility with the Cosmos Blockchain allows it seamlessly link USDT to its platform. However, the new partnership signals the first time Cosmos and USDT are paired together in an ecosystem.
As a result, users can navigate their way through the Cosmos ecosystem using their OKX wallet. Additionally, users do not need to demand another wallet extension, as is the case when using Cosmos with non-integrated tokens.
Tether Eases Liquidity Concerns
The industry fears the fall of Tether USDT following the collapse of the Terra UST stablecoins and the subsequent crash of most stablecoins. However, the world’s largest stablecoin has refuted multiple claims that it is about to go under.
The company maintains that it has enough reserves to prevent any unforeseen event due to the broad market bloodbath. Moreover, Tether’s dependence on Asian companies for its commercial paper has been a concern.
If the firms cut off their supply to Tether, the USDT stablecoin will be in a serious liquidation battle. However, Tether Limited, the company behind the USDT stablecoin, has allayed liquidity fears.
Tether is the most popular stablecoin pegged to the U.S. dollar, and Tether is ahead of USDC with a market cap of 67 billion Euros and 52 billion Euros, respectively.
Tether has passed the liquidity test as USDT was the most used token in the year’s second quarter.