During the first week of July, crypto supporters noticed that Tether issued 1,010 stablecoins via the Simple Ledger Protocol (SLP) framework on Bitcoin Cash. Now there’s a much larger amount of SLP-based tethers in circulation as the company has minted a total of 6 million on the Bitcoin Cash blockchain.
Digital currency enthusiasts have been watching the Tether project grow for years now and to-date the firm has $9.8 billion in total liabilities according to the company’s transparency page. The USDT stablecoin is spread across various blockchains including Ethereum, Tron, Algorand, and EOS. Just recently, USDT was migrated onto the Bitcoin Cash blockchain by leveraging the Simple Ledger Protocol.
Bitcoin Cash supporters are now aware that there are over 6 million SLP-based USDT in circulation today. Data stemming from simpleledger.info and a BCH blockchain explorer shows that SLP-based tethers are circulating quite frequently. A number of BCH supporters have been discussing the benefits of SLP-based stablecoins and the Cointext CTO, Vin Armani, discussed the subject on July 11.
Armani tweeted a link from news.Bitcoin.com, which reported on millions of dollars worth of USDT stablecoins frozen in 40 addresses. “You can’t stop me from using a Bitcoin address for which I have the key(s). There’s no ‘freeze address’ function on Bitcoin, as has been added to these Ethereum stablecoin contracts,” Armani said. The Cointext founder further stated:
In addition to the permissionless benefits the Bitcoin Cash chain offers, the network fees needed to interact with SLP-based USDT on the BCH chain is quite minimal. A typical fee on the BCH network is only $0.003 per transaction or a third of a U.S. penny. Just recently, members of the Reddit forum r/cryptocurrency discussed how interacting with ERC20s on the Ethereum chain was quite costly. The author of the original post shared a gas fee which was $16 and…