Tether Stablecoin Goes Live on Polkadot Blockchain
Tether USDT is the largest stablecoin by market cap. The token also ranks in the top five in total market capitalization for all crypto assets. Through several progressive roadmaps 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. Stablecoin is pegged to the US dollar at a 1:1 ratio. The creation of the token was to provide stability for investors venturing into the cryptocurrency space.
Tether USDT gives investors the seamless ability to move their assets between the traditional financial system and the crypto markets. The unique functionality of the coin is that it reduces volatility to a 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 stablecoin the right platform for sustainable performance in decentralized ecosystems.
According to Tether’s explanation, launching USDT on Polkadot is a giant step for the stablecoin. Polkadot parades itself as a complete Web 3 ecosystem designed for the multi-chain future. The protocol also has a multi-chain application environment that seamlessly simplifies cross-chain registers 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.
Remember that Tether was previously singled out for lack of transparency. In August, however, the firm changed auditors as it promised to be more open by frequently updating its stance on USDT reserves. This was after a WSJ report was refuted.
The implication for Tether USDT on Polkadot
Polkadot is one of the recognized decentralized platforms supporting the growth and expansion of the DeFi project through its Web 3 ecosystem. Through its relay chain, the blockchain facilitates the creation and connection of DeFi services, applications and institutions.
It also supports the exchange of information and transactions across other blockchains using a secure and trustless approach.
USDT on Polkadot offers a stable virtual asset where investors can earn returns. It creates stability in invested funds through transfers within and outside the network. It also reduces the negative effects of market volatility.
Commenting on the progress, Paolo Ardoino, CTO of the firm, expressed his delight at the launch. He stated that stablecoin can now provide expanded accessibility to the community, stability and liquidity to more customers.
Ardoino recognized the progressive growth and development of Polkadot throughout the year. The CTO mentioned that the presence of USDT will spur the blockchain to more significant achievements.
Featured image from Pixabay, Chart: TradingView.com
