- Tether, the leading provider of dollar-backed Stablecoins, has announced the launch of USDT on Polkadot’s Kusama Network. USDT is the first Stablecoins to be launched on Kusama Network, a highly scalable and interoperable blockchain platform.
- This launch will provide users with a more efficient and cost-effective way to transact with USDT. Polkadot’s Kusama Network is a highly scalable and interoperable blockchain platform that enables users to transact with each other in a more efficient and cost-effective way.
- This marks the first time that Tether’s USDT token will be available on a Polkadot-based blockchain.
- Tether’s USDT stable coin was launched on Polkadot’s Kusama network. Kusama is the latest network on which USDT is available, joining a list that includes Ethereum, TRON, Algorand, and EOS. USDT will be on the first parachain on the Kusama network, the Statemine.
How will this Launch affect USDT and Polkadot
- With the launch of USDT on Kusama Network, Tether is taking another step towards its goal of becoming the world’s leading Stablecoins platform.
- This move comes as part of Tether’s ongoing efforts to expand the reach and utility of its Stablecoins, which is the world’s largest by market capitalization.
- Tether’s USDT Stablecoins is launched on Kusama Network in the form of a Para chain, which is a type of blockchain that is tethered to the Polkadot relay chain. This will enable USDT to take advantage of Polkadot.
- Tether’s Chief Technology Officer Paolo Ardoino was excited about the launch, saying,
“For those who believe in the importance of decentralized, permissionless ecosystems, Kusama is a perfect representation of that ethos. It is a platform built to put the control in the hands of its users and we are looking forward to becoming an essential asset in its growing ecosystem.”
Tether says it will reduce commercial debt holdings
Tether was intending to reduce its holdings of commercial debt in its reserves.
- Tether’s commercial holdings now account for a little over 30%, down from 44% in Q3 2021. The money has been moved to U.S. Treasury, Ardoino said. Tether’s reserves continue to receive scrutiny, as investors are concerned about how much and what exactly backs Tether’s staggering market capitalization.
- Tether and other Stablecoins may see a spurt in growth as the world’s largest asset manager, BlackRock, is studying Stablecoins and digital assets. Chairman Larry Fink said so in a shareholder letter.