Last Updated on September 25, 2022 by Bitfinsider
The USD Tether (USDT) stablecoin was introduced by Tether Limited on Polkadot, a network that allows for communication between several proof-of-stake blockchains. On Friday, Tether declared that Polkadot now natively supports the stablecoin.
The largest stablecoin backed by the dollar is USDT, with a market valuation of around $67.5 billion, according to data from The Block. Tether uses a mix of assets, including cash reserves, to preserve the value of the controlled stablecoin.
With the most recent announcement, Tether strengthened its position as a stablecoin that can be used on various blockchains. Along with Polkadot, the stablecoin also works with the Standard Ledger Protocol of Bitcoin Cash, Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, Tron, and Solana.
“We’re delighted to launch USDT on Polkadot, offering its community access to the most liquid, stable, and trusted stablecoin in the digital token space,” stated Paolo Ardoino, Tether‘s Chief Technical Officer. He further added: “Polkadot is on a trajectory of growth and evolution this year and we believe Tether’s addition will be essential in helping it continue to thrive.”
Developers will be able to incorporate the asset in DeFi (Decentralized Finance) apps across parachains, which are parallel, modular blockchains that operate throughout the Polkadot ecosystem.
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