Tether has added the USDT stablecoin to Tezos, making it the 12th blockchain to support the popular stablecoin.
Tether’s implementation across many blockchains has enabled USDT reach a market worth of $72.5 billion. USDC, the second-largest stablecoin by market capitalization, has a market worth of only $53.9 billion. In April, the stablecoin was deployed on the Kusama network for the first time.
Tether has also been making advances in other areas. The stablecoin, which is tethered to the Mexican peso, was just released in Mexico. This stablecoin was introduced on Ethereum, TRON, and Polygon, among other platforms.
Tether CTO Paolo Ardoino praised Tezos’ potential, noting that the Tether launch will help the cryptocurrency’s long-term growth:
“We’re excited to launch USD₮ on Tezos, offering its growing and vibrant community access to the most liquid, stable, and trusted stablecoin in the digital token space. Tezos is coming fast onto the scene and we believe that this integration will be essential to its long-term growth.”
Naturally, USDT will be employed in the Tezos blockchain’s decentralized finance (DeFi) ecosystem. On Ethereum, USDT is extensively utilized for the same purpose, and it might help Tezos grow its DeFi offers as well. This focus on DeFi appears to be one of the most important issues on Tezos stakeholders’ minds.
Tether is not without its detractors USDT
Tether is not without controversy, and it has long been the focus of heated debate in the cryptocurrency community. The main source of contention is the reserve underpinning the Tether supply.
Tether’s audits and findings to date have not satisfied those who are concerned about the backing. The fact that USDT is so important in the market scares some investors, who fear that any major failure might have far-reaching market ramifications.
However, in recent months, the concerns around the stablecoin have subsided. Tether’s banking partners were recently revealed to include boutique bank Capital Union of the Bahamas, which has $1 billion in assets.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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