Tether, which goes by the tickr “USDT,” is a stablecoin pegged to the U.S. dollar and backed by Tether’s reserves.
iFinex, a Hong Kong-based business that also runs the cryptocurrency exchange BitFinex, is the owner of Tether.
Now are you an avid cryptocurrency investor or involved in the blockchain industry? If so, you may have heard that Tether announced the introduction of Tether coins (“USD”) on Polkadot, a decentralized and open-source blockchain platform, on September 23.
Here are some key takeaways from this Tether update:
- The addition of Tether to the Polkadot ecosystem is a milestone for the leading stablecoin in the industry as it continues to expand its footprint in decentralized ecosystems. It will mitigate the potential adverse effects of market volatility and provide a stable currency for generating returns and transferring in and out of the network.
- The introduction of USD on Polkadot underscores Tether’s commitment to advancing collaboration and interoperability in the expanding digital asset industry. The stablecoin is now available on eleven networks, including Avalanche, Kusama, Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, Tron, NEAR, and Bitcoin Cash’s Standard Ledger Protocol, with more to come.
Furthermore, here’s what the CTO of Tether, Paolo Ardoino, has to say about this update:
“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.”