Tether, the company that operates the blockchain-enabled platform Tether, which powers the largest stablecoin and third-largest cryptocurrency by market capitalization, has announced the launch of Tether (USDT) on Polkadot. The launch will allow Tether to move in and out of the network. This means that USDT can now be minted on the Polkadot blockchain. With the launch of USDT on Polkadot, Tether, the largest stablecoin on the market, continues to expand its footprint in the decentralized ecosystem with the addition of the Web3 ecosystem.
announcement from the company Describes Polkadot as a “full-stack Web3 ecosystem built for a multi-chain future.” Saying that it has a “multi-chain application environment where activities such as cross-chain registries and cross-chain computations are possible.” Tether said that the expansion of Polkadot allows the stablecoin to increase its presence in the decentralized ecosystem.
The company’s CTO, Paolo Ardoino, commented, “We are delighted to launch USDT on Polkadot, which gives our community access to the most liquid, stable and reliable stablecoin in the digital token space. Polkadot growth and development this year is on its way.” , and we believe that the addition of Tether will be essential to help it flourish.”
With Polkadot, USDT is now available on more than ten blockchain networks including Kusama, Ethereum, Solana, Algorand, Tron, Omni and the recently added NEAR.
Polkadot (DOT) is an open source distributed ledger project that combines blockchain, decentralized finance (DeFi) and the Web3 ecosystem. Through its relay chain, blockchain simplifies the creation and connection of DeFi services, applications, and institutions. Furthermore, it supports the exchange of information and transactions across other blockchains using a secure and trustworthy approach.
Meanwhile, Tether manages the largest stablecoin asset worldwide as it has a market valuation of $68.24 billion (approximately Rs 5,56,027 crore).
