As Tether continues to enlarge beyond the seven existing blockchains it is currently operating on, it has recently been planning to be launched on Polkadot and Kusama. Tether is going to be the first-ever stablecoin to be launched on the top of the multichain blockchain networks.
In the recent announcement by the stablecoin, it has been revealed that it has plans to launch on two more blockchains named Polkadot and Kusama.
In addition to this, Tether is aiming to become the first-ever stablecoin operating on Polkadot. However, it is going to be the first one to be launched on Kusama due to the presence of parachains.
The company behind the most extensively used stablecoin Tether, which has a market capitalization of $43 billion, is Tether Operations Limited. By that numerical value of market capitalization, USDT is currently standing at 5th place in the list of largest cryptocurrencies.
The stablecoin has its operations on various blockchains that include TRON, Ethereum, Algorand, Solana, Omni, and EOS.
In a recent press release, two new DLTs have been announced, which include the initiation of operations on open-source networks bootstrapped by Polkadot and Kusama.
The firm aims to be introduced on Kusama first before eventually going live on DOT because Polkadot is pending the creations of parachains.
Parity Technologies revealed in a recent report that it will be developing and releasing a generic asset parachain to serve as a common-good chain on DOT.
These features function as independent chains ultimately allowing the development of their own tokens optimized for particular use cases.
The CTO of Tether, Paolo Ardoino, recently revealed about the Polkadot project and said that they are excited about the emerging DeFi ecosystem. Paolo said: