Tether has announced that it will launch USDT on the Tezos network News โธ Tether · Tezos โธ Stablecoins
Tether has announced that it will launch USDT on the Tezos network
The popular stablecoin Tether has announced that they will be launching on the Tezos blockchain.
2 min read
Updated: Jun. 10, 2022 at 1:55 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Tether Operations Limited, the company behind Tether (USDT), the world’s largest stablecoin by market capitalization, has announcedย its plansย to launch USDT on the Tezos (XTZ) blockchain. This announcement now means that USDT is available on 12 blockchain networks, including Ethereum (ETH), Tron (TRX), and Binance (BNB).
Tether Token (USDโฎ) to Launch on Tezos
Read the Press Release โฌ๏ธhttps://t.co/x5vR1lcrsC pic.twitter.com/qRD55VoX67
— Tether (@Tether_to) June 9, 2022
Theย stablecoinย was launched on the Tezos network to “power revolutionary applications across payments, DeFi, and more.” according to Tether.
โWeโre excited to launch USDโฎ on Tezos, offering its growing and vibrant community access to the most liquid, stable, and trusted stablecoin in the digital token space,โย said Paolo Ardoino, CTO at Tether.ย โTezos is coming fast onto the scene and we believe that this integration will be essential to its long-term growth.โ
Tether is currently the most widely used stablecoin with the most cryptocurrency pairs on exchanges, followed by USD Coin (USDC), the second most popular stabelcoin. By making Tether available on multiple blockchains, more users will be able to store their funds in non-volatile, USD-pegged cryptocurrencies. It also makes it easier for users to engage in Decentralized Finance (DeFi).
โWith the introduction of USDโฎ, on and off ramps into the Tezos DeFi ecosystem are simplified and efficient. Tezos is an exemplary system with features and tools which have enabled innovative application designs not possible on other networks,โย said Alessandro De Carli, Founder at Papers. โThe launch of USDโฎ on Tezos will undoubtedly unlock new DeFi products and I expect the impact on volume growth of the Tezos DeFi ecosystem to be remarkable.โ
The stablecoin space has been growing recently, In April this year,ย USDT and USDC stablecoinsย were added to the Cardano (ADA) blockchain. In May it was reported thatย Tether’s reserves of $82.4 Billion, exceeded the marketcap of USDT.
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Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
Ethereum
$3,142.49
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Cardano
$0.46810
Cardano is a decentralized public blockchain and cryptocurrency project and is fully open source.
Tezos
$1.01021
Tezos is a new decentralized blockchain that governs itself by establishing a true digital commonwealth.
Paolo Ardoino joined Bitfinex at the beginning of 2015 and now serves as Chief Technology Officer.