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Tether Live On Hermez Network Layer 2 Solution Cutting Fees, Congestion On Ethereum

Date 19/04/2021

Tether Operations Limited (“Tether”), the company operating the blockchain-enabled platform that powers the largest stablecoin by market capitalization, has today announced that Tether tokens (USDt) are live on Hermez Network, a decentralised zero-knowledge rollup (zk-rollup).

USDt was among the first stablecoins to go live on Hermez’s Ethereum layer 2 scaling solution, which is designed to improve scalability on the protocol to ensure cheaper transactions and token transfers to millions of users around the world. Surging user activity on the network over recent months has resulted in a spike in Ethereum gas fees. Zero-knowledge rollups (zk-rollups) provide a solution to the subsequent transaction bottlenecks. 

“We’re delighted to be among the first to launch on Hermez,” said Paolo Ardoino, CTO at Tether. “This demonstrates our commitment to solving the issues of scalability and high transaction fees on the Ethereum network. Tether takes its pivotal role in the digital token ecosystem seriously. We’re committed to overcoming technical hurdles while doing our utmost to make manifest the many great projects that developers are working on in our space.”

"By onboarding the USDt stablecoin, we are incentivizing transactions on layer 2 and decreasing congestion and fee pressure on Layer 1,” said Antoni Martin, Co-Founder of Hermez. “This is a win-win situation for users and stablecoin issuers as it will reduce friction and increase velocity.”

The Hermez zk-rollup, which was announced at EDCON in August 2020, is a layer 2 construction that scales Ethereum by rolling multiple transfers into a single transaction. 

As the most liquid, stable and innovative stablecoin, USDt’s market capitalization has grown to over US$48 billion. Tether works across a diversity of different blockchains, including Algorand, Bitcoin Cash’s Simple Ledger Protocol (SLP), Ethereum, EOS, Liquid Network, Omni, Solana and Tron. Tether is driven to support and empower growing ventures and innovation in the blockchain space.