Following the previous addition of Tether on Ethereum (ERC20), Tron (TRC20) and Bitcoin Cash (Simpleledger), Vietnam’s premier Crypto Remittance service Cash2VN added the option to use USDT on Solana to send funds to any Vietnamese bank account.
The Solana network launched in 2019 and managed to capture over 1bn$ of Tether’s current total issuance of close to 80bn$ and is about to snatch the third rank from OMNI layer (formerly Mastercoin).
Solana attained significant market share of the crypto market due to its candid approach to give up on network decentralization in exchange for higher scalability and cheaper transaction costs.
This approach has fetched them wide popularity among the retail crypto market as “chain of choice” – given the lack of appreciation for decentralization in the target market in comparison to the much stronger appeal of faster and cheaper transactions.
The Solana network recently also made some headlines on Crypto Twitter when Chamath and his friends openly discussed how to clear out their early heavily discounted investments in the Solana presale. Caveat emptor applies as usual in this space.