The central theses
- Tether takes off on Polkadot and Kusama.
- USDT will be available on Kusama first before going live on Polkadot.
- Tether is the world’s most liquid stablecoin. It’s already available in several leading blockchains, including Ethereum and Solana.
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Two more chains for Tether: USDT will be available soon on Polkadot and Kusama.
Cable prepared for growth
Tether is preparing to launch two more blockchains.
The Tether team has announced that USDT tokens will be deployed on soon Speckle and Kusama, two substrate-compatible projects supported by the Web3 Foundation.
Paolo Ardoino, CTO at Tether, said of the move:
“Tether is always considering innovative projects in the ecosystem. Each decision is based on the relative merits of each project and the overall benefits for the entire ecosystem. We are excited about the many opportunities that Polkadot offers its growing community of developers and startups, especially in the context of its nascent Defi ecosystem. “
USDT will first be available on Kusama, which is slated to parachute off Polkadot. Once the parachutes are launched on Polkadot, the currency will also be available on the network.
Polkadot and Kusama are just two of the many chains hoping to create a scalable platform for what will be known as “Web3,” a decentralized iteration of the Internet.
The current leader in this race is Ethereum, However, the high cost of using the network has raised the question of whether it will continue to dominate over the long term.
Polkadot is designed to perform parallelized transactions across multiple parachutes. It is arguably the most suitable project to catch up with Ethereum. Polkadot aims to achieve interoperability with other chains like Ethereum so that people can seamlessly move activities from one chain to another. Peter Mauric, Head of Public Affairs at Parity Technologies, alluded to the idea of a world where Tether could be deployed in Polkadot and other networks in a statement announcing the update. He said:
“Teams building decentralized applications with a multi-chain future in mind are increasingly looking for established stable coins to be deployed across numerous networks to ensure their users have a smooth user experience”
USDT is the largest stable coin and the fifth largest cryptocurrency behind BTC, ETH, BNB and DOT.
It happened last month started on Solana. It also works with Ethereum, EOS, Algorand, Binance Smart Chain, Omni and Tron, among others.
Tether’s USDT reserves have been widely speculated. Many wondered whether the US dollar is providing sufficient support to the currency due to a lack of transparency in business operations. However, the company is settled a NYAG lawsuit in February to put an end to the doubts many crypto supporters had. Last month, independent accounting firm Moore Cayman attested that Tether held more than 100% of its stable coin liabilities in reserves.
Tether’s market capitalization is currently 42.4 billion. A little more than half of this number is in the form of an ERC-20 token on Ethereum.
Disclosure: At the time of writing, the author of this feature owned ETH and several other cryptocurrencies.
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