Tether Stablecoin Goes Live On Polkadot Blockchain
Tether USDT is the largest stablecoin by market cap. Also, the token ranks among the top five in the overall market capitalization of all crypto assets. Through several progressive road maps and other development plans, Tether USDT has risen over the years. Recently, the stablecoin announced its launch on Polkadot.
USDT is a product of Tether Limited, a Hong Kong-based firm launched in 2014. It stands as the first stablecoin to exist in the crypto space. The stablecoin is pegged to the US dollar in the ratio of 1:1. The creation of the token was to provide stability for investors venturing into the cryptocurrency space.
Tether USDT offers investors the seamless opportunity to move their assets between the traditional financial system and the crypto markets. The outstanding functionality of the coin is that it reduces volatility to the minimum through its 1:1 peg to the US dollar.
USDT Now Available On Polkadot
Recently, Tether announced the launch of Tether USDT on Polkadot, an open-source blockchain platform. The new listing marks an excellent achievement for Tether. It offers the stablecoin the right platform for the sustainability of its performance in decentralized ecosystems.
According to Tether’s explanation, launching USDT on Polkadot is a gigantic step for the stablecoin. Polkadot parades as a complete Web 3 ecosystem developed for the multi-chain future. Also, the protocol features a multi-chain application environment that seamlessly facilitates cross-chain registries and computation.
Besides its listing on Polkadot, USDT’s availability has expanded to over ten blockchain platforms. These include the recently-listed NEAR, Ethereum, Omni, Kusama, Tron, Algorand, Solana, and others.
Recall that previously, Tether was touted for lack of transparency. However, in August, the firm changed its auditor as it pledged to be more open by frequently updating the stance of its USDT reserves. This was after its refuted a report from WSJ.
The Implication For Tether USDT On Polkadot
Polkadot is one of the reputable decentralized platforms that support the growth and expansion of the DeFi project through its Web 3 ecosystem. Through its Relay Chain, the blockchain simplifies the creation and connection of DeFi services, applications, and institutions.
Also, it supports the exchange of information and transaction across other blockchains using a secure and trustless approach.
USDT on Polkadot offers a stable virtual asset through which investors could earn yield. It creates stability in invested funds through transfers within and outside the network. Also, it lessens the negative impacts of market volatility.
Reacting to the progress, Paolo Ardoino, the CTO of the firm, expressed his delight at the launch. He stated that the stablecoin can now provide expanded accessibility of its community, stability, and liquidity to more customers.
Ardoino acknowledged the progressive growth and evolution of Polkadot through the year. The CTO mentioned that the presence of USDT will spur the blockchain into more significant achievements.
Featured image from Pixabay, Chart: TradingView.com