Tether to be Introduced on Polkadot and Kusama as USDT Touches $43 Billion

Sahaj  |  Apr 6, 2021

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.

Tether Stretches to Polkadot and Kusama 

Stablecoins are cryptocurrencies that are fixed to a fiat currency and Tether is the most common and largest stablecoin by market capitalization. 

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.

More About the Recent Expansion

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:

“Polkadot is one of the most exciting projects in the digital token ecosystem, and we anticipate a ready uptake of the Tether token as it powers Polkadot’s emerging DeFi ecosystem. Polkadot, with its parachain structure, has the ability to grow significantly in the coming years. The growth will be driven by its high level of scalability.”

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