Tether (USDT) Cryptocurrency Is Now Available On Polkadot And Kusama
Tether, which issues stablecoins of the same name, announced its USDT token release on two other blockchains – Polkadot and Kusama. More specifically, the asset will appear on the Statemint parachain. It will allow users to add stablecoins to the DOT and Kusama network and reduce the volume of transaction fees.
Polkadot is a protocol for solving problems found in other distributed ledgers (like Ethereum). At the same time, the network is defined by decentralized management, compatibility with other blockchains, and excellent scalability. At the same time, Kusama is an experimental network – the so-called “testing ground” for the DOT mainnet. It’s what prompted the launch of Tether on the Kusama network. Indeed, in the case of positive results, USDT on Polkadot.
The crypto community has well received the launch of stablecoin on Polkadot. This happened for two reasons:
- the Polkadot blockchain is becoming more and more popular;
- Tether is the first fiat-backed coin on the DOT blockchain.
Paolo Ardoino, CTO of Tether, was the first to express his opinion on the launch:
Moreover, Ardoino added that Tether continues to explore the possibilities of Kusama. After all, this network allows you to test stablecoins on other parachains even before the launch of Statemint.
Also, the head of the PR department of Parity Technologies, Peter Mauric, said a few words:
At the same time, the exact launch date of the stablecoin is still unknown because parachains are not available yet.
Stablecoin Tether is not only on Polkadot
In addition to the DOT network, Tether supports many other blockchains – Ethereum, EOS, Algorand, Bitcoin Cash, and many more.
At the moment, the capitalization of USDT exceeds $40 billion. Therefore, the asset is in the top 5 digital currencies in terms of market cap. Tether has often been criticized for its opacity and Bitcoin price manipulation. However, in March this year, Moore Global, a network of independent accounting and consulting firms, released financial audit data. It states that Tether Holdings LTD has enough reserves to provide a stablecoin. The auditors also confirmed the reliability of the data on the reserves provided by Tether.