Launch would allow Tether to move in and out of Polkadot network
tie ropeTether.to, the company that operates the blockchain-enabled platform that powers the largest stablecoin and third largest cryptocurrency by market capitalization, today announced the launch of Tether (USDT) on Polkadot. The launch will allow Tether to move in and out of the Polkadot network.
Dan Reecer, chief growth officer at Acala Network, tweeted on the development: “USDT can now be natively minted on Polkadot. Appchains like Acala Network and centrifuge, and general-purpose EVM chains like Moonbeam Network and Astar Network can now integrate native USDT into their parachain and/or DApp ecosystem alongside substrate-native Acala Stablecoin, aUSD.”
Tether, the largest stablecoin on the market, continues to expand its footprint in the decentralized ecosystem with the addition of the Polkadot ecosystem. Polkadot offers a multi-chain application environment, a full-stack Web3 ecosystem, that makes cross-chain registries and cross-chain computations conceivable. Through the Polkadot Relay Chain, Polkadot enables separate blockchains to communicate data and transactions, thus simplifying the development of decentralized apps, services and institutions.
The USDT stablecoin is now live on a total of 11 networks, including Avalanche, Kusama, Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, Tron, NEAR and Bitcoin Cash’s Standard Ledger Protocol.
In the past week, on-chain analytics firm Santiment reported Polkadot as a leading blockchain in terms of weekly development activity. This remains a major achievement for the network as it continues to thrive by introducing upgrades at regular intervals. Despite the positive development, the token issuance has been plagued by bear market conditions.
At the time of publication, DOT, the native asset of the Polkadot blockchain, was changing hands at $6.30, marginally down in the last 24 hours. Polkadot ranks as the 11th largest cryptocurrency with a market capitalization of $7 billion.
