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Polkadot Now Allows Tether (USDT) to Be Minted on Its Blockchain

Fri, 09/23/2022 - 15:39
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Tomiwabold Olajide
Launch would allow Tether to move in and out of Polkadot network
Polkadot Now Allows Tether (USDT) to Be Minted on Its Blockchain
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Tether, the company operating blockchain-enabled platform that powers the largest stablecoin by market capitalization and the third largest cryptocurrency, announced today the launch of Tether (USDT) on Polkadot. The launch would allow Tether to move in and out of the Polkadot network.

Dan Reecer, chief growth officer at Acala Network, tweeted on the development: "USDT can now be natively minted on Polkadot. Appchains like Acala Network and centrifuge, and general-purpose EVM chains like Moonbeam Network and Astar Network can now integrate native USDT into their parachain and/or DApp ecosystem alongside substrate-native Acala Stablecoin, aUSD."

Tether to Offer Stablecoin USDT on Polygon

Tether, the largest stablecoin on the market, continues to expand its footprint in decentralized ecosystems with the addition of the Polkadot ecosystem. A multi-chain application environment is presented by Polkadot, a full-stack Web3 ecosystem, making cross-chain registries and cross-chain computation conceivable. Through the Polkadot Relay Chain, Polkadot enables separate blockchains to communicate data and transactions, thus simplifying the development of decentralized apps, services and institutions.

The USDT stablecoin is now live on a total of 11 networks, including Avalanche, Kusama, Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, Tron, NEAR and Bitcoin Cash's Standard Ledger Protocol.

In the past week, on-chain analytics firm Santiment reported Polkadot as a leading blockchain in terms of weekly development activity. This remains a major feat for the network as it continues to thrive by introducing upgrades at regular intervals. Despite positive developments, the token continued to suffer from ongoing bear market conditions.

Tether (USDT) to Enlist Third-Party Help to Transition from TRC20 to Ethereum and Avalanche

At the time of publication, DOT, the native asset of the Polkadot blockchain, was changing hands at $6.30, marginally down in the last 24 hours. Polkadot ranks as the 11th largest cryptocurrency with a market capitalization of $7 billion.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.