Tether (USDT) has announced it will be the first stablecoin cryptocurrency to run on the Polkadot (DOT) network.
Tether CTO Paolo Ardoino has revealed that the biggest stablecoin in the cryptoverse by market cap is ready to launch on canary network Kusama (KSM), and then later Polkadot.
“We’re excited to launch USDT on Polkadot, offering its growing and vibrant community access to the most liquid, stable and trusted stablecoin in the digital token space.
Polkadot is one of the most exciting projects in the digital token ecosystem and we anticipate a ready uptake of the Tether token as it powers Polkadot’s emerging DeFi (decentralized finance) ecosystem. Polkadot, with its parachain structure, has the ability to grow significantly in the coming years. This growth will be driven by its high level of scalability.”
USDT is already available on several blockchains – Algorand, Bitcoin Cash’s Simple Ledger Protocol (SLP), Ethereum, EOS, Liquid Network, Omni, Tron and Solana. The move to Polkadot will be the first time it’s ever been on a multichain network.
Paul Mauric of Parity Technologies, the developers behind Polkadot, said that the launch is an attempt to accommodate the growing number of DeFi projects with a need for stablecoins across multiple networks.
“Teams building decentralized applications in with a multi-chain future in mind are increasingly looking towards established stablecoins that operate across numerous networks to ensure a smooth experience for their users. The launch of USDT on Kusama and Polkadot is a crucial step in achieving that vision, where developers will be able to seamlessly compose trustless applications across chains, networks, and communities.”