Tether launched its stablecoin natively in the Polkadot ecosystem. USDT is the largest U.S. dollar stablecoin in terms of market capitalization.
Tether Limited launched USD Tether (USDT), a stablecoin, on Polkadot. Polkadot is an interoperable network that connects several proof-of stake blockchains. Tether declared Friday that the stablecoin is now natively available to Polkadot.
USDT is the most valuable Stablecoin
According to data, USDT is the most valuable U.S. dollar-based stablecoin with a market capitalization of almost $67.5 billion. Tether is a centralized stablecoin that maintains its value using a combination of assets and cash reserves.
Tether’s position as a stablecoin across multiple blockchains has been further strengthened with the announcement. The stablecoin, Polkadot is also supported on EOS, EOS Liquid Network and Omni. It’s also compatible with Bitcoin Cash’s Standard Ledger Protocol.
Tether’s chief technology officer Paolo Ardoino said, “We’re thrilled to launch USDT at Polkadot,” “Polkadot has been on a path of growth and evolution in the past year, and we believe that Tether’s addition to its ecosystem will help it thrive.
With the launch of USDT, developers on Polkadot will be able integrate the asset into Decentralized Finance (DeFi) applications. Parachains, which are modular blockchains that are distributed in parallel throughout the Polkadot ecosystem, are protected by a central relay network.