The debut of the world’s biggest stablecoin on yet another prominent blockchain network.
The operator of the third-largest cryptocurrency by market capitalization, Tether, announced the debut of USDT on Polkadot.
Consequently, the stablecoin is currently accessible on a dozen or more blockchain networks. Polkadot was defined as a “full-stack Web 3 ecosystem created for the multi-chain future” in the company’s launch.
Adding that it has a “multi-chain application environment where activities like as cross-chain registries and cross-chain computing are allowed,” Tether said that the stablecoin’s position in decentralized ecosystems would continue to grow as a result of the extension to Polkadot.
Company CTO, Paolo Ardoino, commented: “We are pleased to announce the launch of USDT on Polkadot, providing its community with access to the most liquid, reliable, and trustworthy stablecoin in the digital token industry. Polkadot is on a growth and development trajectory this year, and we feel Tether’s acquisition will be crucial to its further success.”
USDT is currently accessible on over 10 blockchain networks, including Kusama, Ethereum, Solana, Algorand, Tron, Omni, and the newly added NEAR.
Tether, which has attracted criticism in the past for its lack of openness, replaced its auditor in August and pledged to publish more regular updates on its USDT reserves in response to a WSJ investigation.
Despite still being the dominant stablecoin in terms of usage and market capitalization, USDT’s market share has been decreasing lately, which some say is a healthy indication for the cryptocurrency sector.
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