Tether launches new USDT tokens on the Tezos blockchain


Tether launches new USDT tokens on the Tezos blockchain

Tether’s new USDT tokens have been launched on 12 different blockchains; Tezos Blockchain is the latest

By Shashank Bhardwaj

Image: Shutterstock

Jether Operations Limited, the company behind one of the most popular stablecoins, has announced the launch of its flagship stablecoin, the Tether (USDT) token, on the Tezos blockchain.

The goal of the launch was to increase its digital footprint in the digital payments and decentralized finance (DeFi) sectors. Tezos is an LPoS (Liquid Proof of Stake) blockchain designed to undergo change without the need for a hard fork.

The announcement was made in Amsterdam, the Netherlands, during the Money 20/20 conference, which brings together the best professionals and companies from the “global money ecosystem” to discuss key trends, innovations and the current state of the industry.

A Tether spokesperson spoke about the use of the new tokens, stating, “Tether tokens are not an investment but a utility for engaging in internet commerce, combating volatility, and providing a safe haven for Tether tokens can be securely stored, sent, and received across the blockchain and are redeemable against the underlying asset, subject to the terms of service and fee schedule.

The spokesperson also listed the 12 blockchains on which the new token was launched “Tether currently supports transfers on a diverse and growing list of blockchains, including Solana, Ethereum, Kusama, Avalanche, Polkadot, Algorand, EOS, Liquid Network, Omni, Tron and Bitcoin Cash Standard Ledger Protocol.”

Paolo Ardoino, Chief Technology Officer at Tether, spoke enthusiastically about the launch, saying, “We are excited to launch USDT on Tezos, providing its growing and vibrant community with access to the most liquid, stable and reliable stablecoin in the world. the digital token space. Tezos is coming onto the scene quickly, and we believe this integration will be critical to its long-term growth.”

With the addition of USDT to the Tezos network, all protocols developed above this layer 1 blockchain could use the stablecoin for staking, yield farming, lending, and more.

Alessandro de Carli, the creator of Papers, a startup that develops blockchain-based mobile apps, also spoke about the launch, stating that “The launch of USDT on Tezos will undoubtedly unlock new DeFi products, and I expect the volume impact the growth of the Tezos DeFi ecosystem is remarkable.”

Tether is the market leader in stablecoins with a market capitalization of $72 billion. The Terra fiasco caused Tether to lose its 1:1 dollar peg last month. As of this writing, Tezos is trading at $0.99, back to its original 1:1 peg. Prior to Tezos, Teher launched on the Ethereum Layer-2 network, Polygon.

Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash


About Author

Comments are closed.