Tether, the company that powers the largest stablecoin by market cap and the 3rd largest cryptocurrency, announced the launch of Tether (USDT) on Polkadot. The launch will allow Tether to move in and out of the Polkadot network.
Tether, the largest stablecoin on the market, continues to expand its footprint in decentralized ecosystems with the addition of the Polkadot ecosystem. A multi-chain application environment is presented by Polkadot, a full-stack Web3 ecosystem, making cross-chain registries and cross-chain computation conceivable. Through the Polkadot Relay Chain, Polkadot enables separate blockchains to communicate data and transactions, thus simplifying the development of decentralized apps, services, and institutions.
“USDT can now be natively minted on Polkadot,” tweeted Dan Reecer, chief growth officer at Acala Network. “Appchains like Acala Network and centrifuge, and general-purpose EVM chains like Moonbeam Network and Astar Network can now integrate native USDT into their parachain and/or DApp ecosystem alongside substrate-native Acala Stablecoin, aUSD.”
Overall, the Tether stablecoin (USDT) is currently live on 11 networks, including Avalanche, Kusama, Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, Tron, NEAR, and Bitcoin Cash’s Standard Ledger Protocol.
On-chain analytics firm Santiment reported last week that Polkadot is a leading blockchain in terms of weekly development activity. This remains a major feat for the network as it continues to thrive by introducing upgrades at regular intervals. Despite the successful launch, the token continued to suffer from the ongoing bear market.
Polkadot is a decentralized, open-source blockchain platform that ranks as the 11th largest cryptocurrency with a market cap of $7 billion. It is a full-stack Web3 ecosystem that supports cross-chain registries and cross-chain computation.
Moreover, the blockchain platform continues to increase its presence in DeFi ecosystems with the adding of the stablecoin. Concurrently, the addition of Tether will block “potential adverse effects associated with market volatility.”
At the time of writing, the native asset of the Polkadot (DOT) was changing hands at $6.40, slightly down in the last 24 hours.