USDT Issuer Tether Announces Launch of Top Stablecoin on Polkadot (DOT) Blockchain
The issuer of the largest stablecoin by market capitalization announces the launch of the dollar-pegged cryptoasset on Ethereum (ETH) challenger Polkadot (DOT).
In a new company blog post, USDT issuer Tether says the best stablecoin is now available on the Polkadot blockchain as a means to increase its presence in decentralized ecosystems.
According to Tether, the launch of USDT on Polkadot will alleviate the possible negative effects of market volatility on the stablecoin while providing a solid dollar-pegged currency to generate returns and transfer in and out of the blockchain.
Says Paolo Ardoino, CTO of Tether,
“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.”
USDT is now live on 11 networks including Ethereum and its competitors Solana (SOL), Avalanche (AVAX), Algorand (ALGO) and Near Protocol (NEAR), according to the press release.
Dan Reecer, Head of Growth for Polkadot’s decentralized finance hub Acala (ACA), says the move makes USDT compatible with DOT’s many parachains and decentralized applications (DApps).
“USDT can now be minted on Polkadot. App chains such as AcalaNetwork and Centrifuge, and general EVM (Ethereum Virtual Machine) chains such as MoonbeamNetwork and AstarNetwork, can now integrate native USDT into the parachain and/or DApp ecosystem alongside substrate-native aUSD.”
Tether’s announcement comes as USDT whales and sharks ramp up activity. According to market intelligence firm Santiment, addresses with between $100,000 and $10 million gathered nearly $450 million worth of stablecoin in less than two months.
“As crypto remains volatile while stocks prepare for further rate hikes, buying power is gradually increasing among large USDT addresses. $100,000 to $10 million valued addresses have added 4.03% more to their portfolio over the past seven weeks, 1.12% of the total offer.”
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