Tether (USDT) announced that it will be the first stablecoin cryptocurrency operating on the Polkadot (DOT) network.
Tether CTO, Paolo Ardoino, announced that Tether, the largest stablecoin in the cryptoverse by market cap, is ready to be launched on the Canary network Kusama (KSM) and later on Polkadot.
“We are excited to launch USDT, the most liquid, stable and reliable stablecoin in the digital token space, at Polkadot, which will offer it access to a vibrant and growing community. Polkadot is one of the most exciting projects in the digital token ecosystem. We expect Tether token to grow readily in the coming years, as Tether powers Polkadot’s evolving DeFi (decentralized finance) ecosystem. ”
USDT; Bitcoin Cash’s Simple Ledger Protocol (SLP) was already available on many blockchains such as Algorand, EOS, Ethereum, Liquid Network, Omni, Solana, and Tron. Its transition to Polkadot will be its first presence in a multi-line network.
Paul Mauri of Parity Technologies, one of the developers behind Polkadot; He said that the launch was an attempt to accommodate the growing number of DeFi projects in need of stablecoin on more than one network, in their systems.
“Teams; They are developing decentralized applications, keeping in mind a multi-chain future. With this in mind and the goal of providing a seamless experience for their users, developers are increasingly paying attention to resident stablecoins running on numerous networks. Launch of USDT in Kusama and Polkadot; It is a crucial step towards achieving this vision that developers can build reliable applications seamlessly across chains, communities and networks. “