Tether, the operator of the third-largest cryptocurrency with a market cap of almost $70 billion, announced the USDT launch on Polkadot.
Thus, the stablecoin is now available on roughly a dozen blockchain networks.
- The announcement from the company 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 registries and cross-chain computation are possible,” Tether said the expansion to Polkadot allows the stablecoin to keep increasing its presence in decentralized ecosystems.
- Company CTO, Paolo Ardoino, commented:
“We’re delighted to launch USDT 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.”
- With the addition of Polkadot, USDT is now available on more than 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 promised to provide more frequent updates on the USDT reserves after firing back against a WSJ report.
- Despite still being the stablecoin market leader in terms of usability and market cap, USDT’s share has been shrinking recently, which, some believe, is a positive sign for the crypto industry.