Polkadot adds support for Tether on its blockchain
Tether posted an announcement on Twitter saying that the USDT token is now live on Polkadot. Polkadot itself made its own announcement that Tether will now be able to offer users to enter its network using a stable currency, moving funds seamlessly and without fear of losing the value of tokens during the transactions.
Furthermore, Tether’s CTO, Paolo Ardoino, commented on the move by saying that Polkadot is on a path of growth and evolution in 2022. He and his team believe that the addition of Tether to Polkadot’s network will be crucial in helping and encouraging this evolution.
Tether launched on Polkadot provides a stable currency to move in and out of the network.
“Polkadot is on a trajectory of growth and development this year, and we believe Tether’s addition will be critical in helping it continue to thrive.” – @paoloardoinoCTO at @Tether_to. https://t.co/3wZ55Bk6u7
— Polkadot (@Polkadot) 23 September 2022
Tether sees official launch on Polkadot
Tether posted a more detailed announcement about the new move on its website, explaining that Polkadot was an obvious choice thanks to it being a full-stack Web3 ecosystem, built for the multi-chain future. Web3 is on the rise, followed by most smart contract-supporting platforms, but none have managed to go as far with it as Polkadot, which is a true mučti-chain application environment.
In its ecosystem, activities such as cross-chain computing and registries are not only possible, but also very easy to accomplish. Furthermore, the project facilitates independent blockchains to exchange transactions and information in a trustless, secure manner using the Polkadot Relay Chain. It makes it easy to create and connect to various dApps, services and even full-scale institutions.
Polkadot’s users will be able to access a whole new range of benefits thanks to Tether, according to Ardoino, including the liquidity, stability and trust that the stablecoin enjoys throughout the crypto industry. As for Tether itself, the launch on Polkadot highlights its “dedication to pioneering collaboration and interoperability within the growing digital resource space,” as the announcement puts it.
The community agrees that this was the right move
While big news for both Polkadot and Tether, the launch of DOT’s native blockchain is far from the first move of its kind that Tether has made. The project is now officially live on a dozen different chains, including Avalanche, Ethereum, Algorand, Liquid Network, Tron, Bitcoin Cash’s Standard Ledger Protocol, Kusama, Solana, EOS, Omni, Near, and now Polkadot.
Polkadot’s native cryptocurrency, DOT, has seen a slight increase following the news, taking it from $6.28 to $6.47 in just 12 hours. However, the token has started to fall again since then, currently sitting at $6.43 at the time of writing, as the bear market continues to keep the crypto industry strong.
However, Polkadot’s community seems to be excited about the new move, with several members commenting that the integration will open up new opportunities and that Tether on Polkadot is the only way forward. And while some have also asked about adding USDC support, others have pointed out that the USDC stablecoin has seen some controversy that resulted in its removal from Binance and WazirX, so Polkadot definitely made the right decision by choosing Tether.
To learn more about Polkadot, visit our Investing in Polkadot guide.
