Tether, the biggest stablecoin by market capitalization, recently announced that it launched the Tether USDT cryptocurrency on Solana, which has become the 7th network to support the stablecoin.
The stablecoin is already supported by the Ethereum, Tron, Algorand, EOS, Liquid Network, Omni, and Bitcoin Cash networks, which has allowed the currency to reach a market capitalization of over $37 Million and occupy the 4th spot in the cryptocurrency ladder.
The Solana Token, SOL, saw its price spike after the announcement by reaching a value of $16.32, the closest the token has got to its all-time high of $18.12 back on February 24th.
Tether expects that with the addition of USDt to Solana, users will be able to enjoy the speeds of more than 50k transactions per second and low fees the network offers, facilitating the adoption of the currency and boosting innovation in spaces like Decentralized Finance (DeFi).
The addition of USDt support has proven to be beneficial for networks that have integrated in the past by attracting investors who see the stablecoin as safe haven in times of high market volatility, as well as crypto enthusiasts that rely on the stablecoin due to its 1-on-1 peg to the US dollar.
Extortionists Target Tether by Asking for 500 BTC
Back in late February, Tether announced that there were forged documents circulating online that aimed to undermine Tether and cryptocurrency’s credibility.
The group behind the extortion was asking 500 BTC to be sent to prevent the leak of the documents, which according to them could “harm the bitcoin ecosystem”.
Tether stated that they believe the extortion was a “pretty sad attempt at a shakedown” but it was being taken seriously, with all the information being forwarded to law enforcement for an investigation to take place.
The alleged documents supposedly show an email thread in which a Tether employee’s communicated with a representative from Bahamas bank Deltec would put in doubt the companies claims of its…