Key Highlights:
- The Polkadot ecosystem now supports Tether’s natively launched stablecoin.
- According to market capitalization, USDT is the largest stablecoin backed by the US dollar.
Tether Operations Limited recently revealed that it was added to the Near Protocol on September 12, a few days after the stablecoin company announced additional information.
Tether announced the introduction of Tether (USDT) on Polkadot, the firm that runs the blockchain-enabled platform Tether.to that supports the largest stablecoin by market value and the third largest cryptocurrency. The Tether would be able to enter and exit the Polkadot network thanks to the launch.
An open-source distributed ledger initiative called Polkadot (DOT) links blockchains, decentralized finance, and the Web3 ecosystem. The blockchain network supports cross-chain computations and registries. With the advent of the stablecoin, the blockchain platform also keeps expanding its position in decentralized ecosystems. Tether will also prevent “potentially harmful effects linked with market volatility” as a result of the addition.
What does the CTO of Tether have to say?
“We’re delighted to launch USDT on Polkadot, offering its community access to the most liquid, stable, and trusted stablecoin in the digital token space,” said Paolo Ardoino, chief technology officer at Tether. “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.”
Developers can incorporate the asset in DeFi (decentralized finance) apps across parachains, which are parallel, modular blockchains operating throughout the Polkadot ecosystem.
On-chain analytics firm, Santiment on Polkadot
Polkadot has emerged as the top blockchain in terms of weekly development activity during the last week, according to on-chain analytics company Santiment. This continues to be a significant accomplishment for the network, which introduces upgrades regularly and thus thrives. However, the token continued to experience bad market circumstances despite encouraging advances.
