Polkadot is an interoperable network that connects many proof-of-stake blockchains. Tether Limited has just released its stablecoin known as USD Tether (USDT) on Polkadot. On Friday, Tether made the announcement that the stablecoin will now be natively accessible on Polkadot.
According to statistics provided by The Block, USDT has a market valuation of almost $67.5 billion, making it the most valuable stablecoin pegged to the United States dollar. Tether is responsible for ensuring that the value of the controlled stablecoin remains constant by using a variety of assets in addition to cash reserves.
Tether has further strengthened its position as a stable currency that is accessible on several blockchains, as a result of the most recent statement. The stablecoin is supported on a number of other networks in addition to Polkadot. These networks include Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, Tron, and the Standard Ledger Protocol for Bitcoin Cash.
According to Paolo Ardoino, chief technical officer of Tether, “We are happy to debut USDT on Polkadot, allowing its community access to the most liquid, reliable, and trustworthy stablecoin in the digital token ecosystem.” Polkadot is a decentralized digital asset exchange. “Polkadot is on a path of development and evolution this year, and we feel that the inclusion of Tether will be vital in helping it continue to prosper.”
Following the launch, developers will be able to incorporate the asset into apps for decentralized finance (DeFi) that operate across parachains. Parachains are modular blockchains that run in parallel throughout the Polkadot ecosystem.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.