Polkadot now allows Tether (USDT) to be minted on the Blockchain
Tether, the company that powers blockchain-enabled platform Tether.to that powers the largest stablecoin by market capitalization and the third largest cryptocurrency, today announced the launch of Tether (USDT) on Polkadot. The launch would allow Tether to move in and out of the Polkadot network.
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.
— Polkadot (@Polkadot) 23 September 2022
Dan Reecer, Head of Growth at Acala Network, tweeted about the development: “USDT can now be minted on Polkadot. Appchains like Acala Network and Centrifuge, and general EVM chains like Moonbeam Network and Astar Network can now integrate native USDT into their parachain and/or DApp -ecosystem together with substrate-native Acala Stablecoin, aUSD.”
Tether, the largest stable coin 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, which enables cross-chain registries and cross-chain computation. Through the Polkadot Relay Chain, Polkadot enables separate blockchains to communicate data and transactions, thereby facilitating the development of decentralized apps, services and institutions.
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The USDT stablecoin is now live on a total of 11 networks, including Avalanche, Kusama, Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, Tron, NEAR and Bitcoin Cash’s Standard Ledger Protocol.
TOP BLOCKCHAIN PLATFORMS BY WEEKLY DEVELOPMENT ACTIVITIES
🥇 @Polkadot: 2658.57
🥈 #Ethereum: 177.07
🥉 #Solana: 99.07
4. #Algorand: 71.07
5. #Bitcoin: 50
6. #Near: 43.79
7. #Avalanche: 31.79
8. #Throne: 7.93
9. #Phantom: 1.71
10. #BNB Chain: 0Source by: @santimentfeed pic.twitter.com/MmRY24NeJA
— Polkadot Insider (@PolkadotInsider) 18 September 2022
In the past week, chain analytics firm Santiment reported Polkadot as a leading blockchain in terms of weekly development activity. This remains a great achievement for the network as it continues to thrive by introducing upgrades on a regular basis. Despite positive developments, the token continued to suffer from ongoing bear market conditions.
At press time, DOT, the parent asset of the Polkadot blockchain, was exchanging hands at $6.30, marginally down over the past 24 hours. Polkadot ranks as the 11th largest cryptocurrency with a market cap of $7 billion.
