Tether launches new USDT tokens on the Tezos blockchain

Tether launches new USDT tokens on the Tezos blockchain

Tether’s new USDT tokens launched on 12 different blockchains; Tezos blockchain is the newest

By Shashank Bhardwaj

Image: Shutterstock

Tether 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 startup aimed to increase its digital footprint in digital payments and decentralized finance (DeFi). Tezos is an LPoS (Liquid Proof of Stake) blockchain designed to undergo changes without the need for a hard fork.

The announcement was made in Amsterdam, Netherlands, during the Money 20/20 conference, which brings together top experts 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 to participate in internet trading, combat volatility and provide a haven for remittances. Tether tokens can be securely stored, sent and received across the blockchain and are redeemable subject to the terms of use and fee schedule for the underlying asset.”

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 The Bitcoin Cash Standard Ledger Protocol.”

Paolo Ardoino, Chief Technology Officer at Tether, expressed his enthusiasm about the launch, stating, “We are excited to launch USDT on Tezos, offering its growing and vibrant community access to the most liquid, stable and trusted stablecoins in the digital token space.” . Tezos is coming to market fast and we believe this integration will be critical to its long-term growth.”

With the addition of USDT to the Tezos network, any protocols developed on this Layer One blockchain could use the stablecoin for staking, yield farming, lending, and many other things.

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

Tether is the leader in the stablecoin market with a market cap of $72 billion. The Terra fiasco had caused Tether to lose its 1:1 dollar peg for the past month. At the time of writing, Tezos is trading at $0.99, back to its original 1:1 peg. Before Tezos, Tehr was launched on Ethereum’s Layer 2 network, Polygon.

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

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