Stablecoin issuer Tether is launching its flagship stablecoin USDT on the Polkadot (DOT) blockchain network. The latest expansion comes just a few weeks after the leading stablecoin launched on the Near blockchain.
“We’re delighted to launch USD₮ on Polkadot, offering its community access to the most liquid, stable, and trusted stablecoin in the digital token space. Polkadot is on a trajectory of growth and evolution this year and we believe Tether’s addition will be essential in helping it continue to thrive,” Paolo Ardoino, CTO at Tether, said.
Tether’s intention to launch USDT on Polkadot was first revealed in April last year. At the time, the stablecoin issuer noted that before deploying USDT on Polkadot, it will first go live on the network’s “wild cousin,” Kusama due availability of parachains.
USDT Goes Live on Polkadot
Launched in 2020, Polkadot is a blockchain with a core network that enables interconnectivity and interoperability between blockchains, by enabling independent chains to securely exchange messages and perform transactions while using one secure channel. Polkadot connects multiple networks through its relay chain and parachain system.
Tether noted that the launch of USDT on Polkadot represents another milestone for the leading stablecoin “as it continues to increase its presence in decentralized ecosystems.”
“It will alleviate the potential adverse effects associated with market volatility and provide a stable currency to generate yield and move in and out of the network,” Tether added.
USDT Launches on More Networks
Tether’s USDT is the world’s largest stablecoin and third-largest cryptocurrency by market capitalization behind Bitcoin (BTC) and Ethereum (ETH) with a market cap of $68 billion, according to CoinMarketCap.
With its latest launch on Polkadot, USDT is now available on a total of 14 blockchains including Kusama, Bitcoin Cash’s Standard Ledger Protocol, Ethereum, Polygon, Solana, Avalanche, Algorand, Tezos, Tron, Omni, EOS, Liquid Network, and Near Protocol. Ethereum remains the most popular network for USDT followed by Tron.
Meanwhile, in another recent report, Tether stated that it will not freeze USDT tokens in U.S.-sanctioned Tornado Cash addresses but will do so under the authority’s instructions.
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