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Polkadot’s network prepares to welcome Tether USDt Polkadot’s network prepares to welcome Tether USDt
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Polkadot’s network prepares to welcome Tether USDt

Tether revealed that its stablecoin, USDt, will soon run on top of the Polkadot blockchain.ย 

Polkadot’s network prepares to welcome Tether USDt

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

Polkadotโ€™s network utility is about to experience a significant boost. With the upcoming parachain rollout, the protocol will finally realize its scalable multi-chain architecture.ย 

Although the new functionality is currently running on a testnet, developers are already preparing for it.ย 

Enjin recently announced the launch of a next-generation NFT blockchain on the Polkadot network called Efinity. The project is set to enable highly scalable transactions for games, apps, enterprises, and creators. Thanks to the protocolโ€™s speed, developers expect to process transactions every six seconds under a proof-of-stake consensus algorithm that can scale to 1,000 transactions per second.

Now, Tether revealed that the worldโ€™s largest stablecoin in the market, USDt, will be running on top of the Polkadot blockchain.ย 

Paolo Ardoino, CTO at Tether, said that the networkโ€™s infrastructure to provide an environment for cross-chain composability of multiple applications and protocols made it ideal to offer access to โ€œthe most liquid, stable and trusted stablecoin.โ€

โ€œPolkadot is one of the most exciting projects in the digital token ecosystem and we anticipate a ready uptake of the Tether token as it powers Polkadotโ€™s emerging DeFi ecosystem. Polkadot, with its parachain structure, has the ability to grow significantly in the coming years. This growth will be driven by its high level of scalability,โ€ said Ardoino.ย 

USDt will go live first on Kusama to serve as a value-bearing testbed before the launch of Polkadot.ย 

Trading veteran turn bullish on DOT

While the Polkadot ecosystem is expected to grow exponentially following the parachain launch, DOTโ€™s price is living up to all the hype.ย 

According to 40-years trading veteran Peter Brandt, the fifth-largest cryptocurrency by market capitalization hasย broken outย of a symmetrical triangle that developed on its daily chart. Following a month-long consolidation period, DOT was able to slice through the $39 resistance level recently.ย 

Polkadot US dollar price chart
DOT/USD on TradingView

If the bullish momentum behind Polkadot continues, it would likely continue rising towards a new all-time high of over $55. This target is determined by measuring the height of the triangleโ€™s y-axis and adding that distance to the breakout point.ย 

Polkadot Market Data

At the time of press 12:55 am UTC on Nov. 3, 2021, Polkadot is ranked #6 by market cap and the price is up 3.08% over the past 24 hours. Polkadot has a market capitalization of $40.94 billion with a 24-hour trading volume of $2.95 billion. Learn more about Polkadot ›

Polkadot

12:55 am UTC on Nov. 3, 2021

$44.21

3.08%
Crypto Market Summary

At the time of press 12:55 am UTC on Nov. 3, 2021, the total crypto market is valued at at $1.99 trillion with a 24-hour volume of $196.59 billion. Bitcoin dominance is currently at 55.23%. Learn more about the crypto market ›

Disclaimer: CryptoSlate has received a grant from the Polkadot Foundation to produce content about the Polkadot ecosystem. While the Foundation supports our coverage, we maintain full editorial independence and control over the content we publish.

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