Blockchain-enabled platform Tether Operations Limited announced the milestone launch of its native dollar-backed token USDT on a decentralized, open-source blockchain platform known as Polkadot blockchain.
The launch comes only eleven days after the token equally went live on the Near blockchain. So far, the Tether USDT has been listed on more than eleven networks including Ethereum (ETH), Solana (SOL), Algorand (ALGO), EOS, Liquid Network, Omni, Tron, Avalanche, Kusama, NEAR, and Bitcoin Cash’s Standard Ledger Protocol.
Tether is obviously expanding its position across several blockchains, especially decentralized ecosystems. Likewise, its launch on Polkadot further emphasizes the commitment of the platform to engage in strategic partnerships. At the same time, the company is keen on being the pioneer of interoperability in the ever-advancing crypto ecosystem.
Chief Technology Officer of Tether and Bitfinex, Paolo Ardoino said;
“We’re delighted to launch USD₮ on Polkadot, offering its community access to the most liquid, stable, and trusted stablecoin in the digital token space. Polkadot is on a trajectory of growth and evolution this year and we believe Tether’s addition will be essential in helping it continue to thrive.”
Tether’s Dollar-Backed Stablecoin USDT
Invariably, this addition of USDT to the Polkadot blockchain and other networks will serve to mitigate the likely repercussions of the volatility of the market.
Similarly, it will provide a more stable form of currency that translates to huge returns and allows to and fro movement from the network. Consequently, developers will be allowed to integrate the asset in decentralized finance (DeFi) applications across parachains, the custom, project-specific blockchains that are integrated within the Polkadot (DOT) and Kusama (KSM) networks.
Prior to this launch, Tether has been faced with a lawsuit that indicts the firm for spreading false information that influenced the inflation of Bitcoin price.
In effect, United States Judge Katherine Polk Failla presiding over the lawsuit requested the submission of some documents a few days ago. The requested documents are to prove that Tether did not engage in crypto commodities transactions using unbacked USDT and consequently inflating the market.
At present, USDT is the largest dollar-backed stablecoin by market capitalization reaching almost $67.5 billion.