January 13, 2021 Tether plans for ZK-Rollup implementation on the Hermez Network

Tether, the stablecoin issuance firm responsible for USDT, has announced that it will launch the stablecoin on the Hermes Network, an Ethereum Layer 2 scaling solution that uses ZK-rollups. This scaling solution seeks to facilitate orders of magnitude more transactions per second than on-chain transactions while also comparing favorably versus other second-layer systems. With the continued increase in the congestion of the Ethereum network, the need for Layer 2 scaling solutions is arguably greater than ever.