Tether, the operator of the third largest cryptocurrency with a market cap of almost $70 billion, announced the launch of USDT on Polkadot.
Therefore, the stablecoin is now available on about a dozen blockchain networks.
- The company’s announcement described Polkadot as a “full-stack Web 3 ecosystem built for the multi-chain future.”
- Adding that it has a “multi-chain application environment where activities such as cross-chain ledgers and cross-chain computation are possible,” Tether said the expansion to Polkadot allows the stablecoin to continue increasing its presence in decentralized ecosystems.
- The company’s CTO, Paolo Ardoino, commented:
“We are excited to launch USDT on Polkadot, giving its community access to the most liquid, stable and trusted stablecoin in the digital token space. Polkadot is on a growth and evolution trajectory this year, and we believe the “Adding Tether will be essential to help it continue to thrive.”
- With the addition of Polkadot, USDT is now available on over ten blockchain networks, including Kusama, Ethereum, Solana, Algorand, Tron, Omni and the recently added NEAR.
- Tether, which has received some backlash for lack of transparency in the past, changed its auditor in August and pledged to provide more frequent updates on USDT reserves after backlash against a WSJ report.
- Despite remaining the stablecoin market leader in terms of usability and market cap, USDT’s share has been shrinking recently, which some say is a positive sign for the crypto industry.
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