Tether has announced that it would launch its USDT stablecoin on the Polkadot and Kusama networks

As announced by Tether on Tuesday, the company has announced that it would launch its USDT stablecoin on the Polkadot and Kusama networks.

Tether has announced that it would launch its USDT stablecoin on the Polkadot and Kusama networks

Tether said the launch schedule has yet to be determined as the formation of parachains is pending.

Parachains are individual blockchains that run in parallel within the Polkadot ecosystem (Polkadot and Kusama). They can interact with each other and with external networks like Ethereum by using bridges. This flexibility solves the scalability, security, and interoperability issues of blockchains.

Tether will first launch on Kusama, Polkadot’s experimental cousin network. Kusama helps prepare projects for deployment on Polkadot. It is built using Substrate (a blockchain development kit) and has a codebase that is almost the same as Polkadot.

Tether Paolo Ardoino’s CTO shares:

“Tether will most likely launch on the Statemint parachain soon after Statemint becomes available.”

Statemint was introduced last month by developer Polkadot Parity Technologies. It will provide the functionality to deploy assets like stablecoins in the Polkadot and Kusama networks and help end-users with lower fees.

Ardoino stated:

“We are expecting the launch of Statemint in the next few months. But the roadmap is not yet finalized, and so this is all still in the planning stages. We also continue to look at Kusama. Kusama would theoretically allow us to start experimenting with supporting Tether on parachains even before Statemint is officially live.”

Tether’s planned launch of USDT on Kusama and Polkadot will make the stablecoin available across a total of ten networks. USDT currently exists on Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, Tron, and the Bitcoin Cash Standard Ledger Protocol.

Ethereum remains the popular network for USDT – the world’s largest stable coin with a market cap of over $ 43 billion. Nearly $ 23 billion USDT has been issued on Ethereum, followed by Tron, which is worth almost $ 20 billion. USDT has yet to gain much attention on other networks.

Tether said it aims to have USDT as the first stablecoin on Polkadot.

Ardoino said:

“Polkadot, with its parachain structure, has the ability to grow significantly in the coming years. This growth will be driven by its high level of scalability.”

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