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The most popular stablecoin tether (USDT) was officially coined on the Bitcoin Cash blockchain via the Simple Ledger Protocol (SLP). At press time there are only USDT 1,010 based on SLPs in circulation, as the company Tether Limited appears to be issuing small quantities and testing the SLP framework.
Tether (USDT) is the king of stablecoins in the crypto economy and according to the company’s transparency page, more than $ 9.8 billion tethers exist.
The stablecoin is a token also hosted on a number of blockchains including the Ethereum network, Omni Layer, Algorand, Tron, Liquid and the EOS chain. Not long ago, news.Bitcoin.com revealed that tether (USDT) was migrating some coins to the Bitcoin Cash (BCH) blockchain via the Simple Ledger protocol.
Tether Limited’s transparency page now shows that the company coined and tested the SLP framework. Data website simpleledger.info shows that the Tether team has officially minted 3,027 USDT so far on the BCH chain.
However, 2,017 SLP-based USDT tokens were burned, which leaves only 1,010 SLP-based USDT in circulation at the time of publication. A thousand dollars worth of stablecoins isn’t a lot, but Bitcoin Cash advocates believe the company is simply testing the SLP infrastructure.
Simpleledger.info also shows that the witness is “alive”, which means that USDT can be minted at any time. The genesis of the SLP-based USDT shows that the tokens were born on May 25, 2020. The search for the term “tether” in the simpleledger.info database also shows that there are a number of fake “tethers” people who have created from the SLP network came out.
The official USDT token ID is shown on the official Tether Limited website, along with the tether balances on other blockchains. There have been a total of 50 SLP-based USDT transactions on the Bitcoin Cash blockchain so far.
The rich SLP-based USDT listing shows that this address has the most stablecoins with a balance of USDT 874.14 at the time of publication. The rest of the coins in circulation are distributed through different addresses.
The largest amount of USDT on any blockchain is held on ETH with $ 6 billion in ERC20-based tethers to date. Of course, Bitcoin Cash fans were both happy and skeptical about USDT appearing on BCH.
On the r / btc subreddit, BCH fans debated on the recently released SLP-based USDT forum. On July 7, Sideshift.ai announced that the Bitcoin Cash version of USDT is now available on the exchange platform.
BCH supporters also discussed holding USDT on the Bitcoin.com wallet thanks to the asset breakdown and recently added stablecoin features. On Twitter, the Sideshift team wrote: “Be one of the first humans to move USDT to SLP”.
What do you think of the tether (USDT) coined on the Bitcoin Cash chain? Let us know what you think in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, Tether, Simpleledger.info, Twitter, Sideshift.ai,
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