Largest USD Stablecoin, Tether (USDT) to Launch on Polkadot and Kusama

Wednesday 07 April 2021, 11:00 AM AEST - 1 week ago

Tether is planning to launch its US dollar-backed stablecoin on Kusama, which will be followed by Polkadot, a blockchain network that “facilitates an internet where independent blockchains can exchange information and transactions in a trustless way”.

Besides providing more scalability, part of the objective is to make USDT the first stablecoin that will exist on the Polkadot network, according to the CTO at Tether, Paolo Ardoino.

USDT to Launch on The First Polkadot Parachain

Before Polkadot, the stablecoin will initially go live on Kusama, which is considered a cousin network for Polkadot, basically serving as a preparation network for projects looking to run on Polkadot. USDT’s launch date on Polkadot is subject to the formation of the parachains. Tether wants the stablecoin to launch on the first common goods parachain, according to the CTO.

Tether will likely launch on the first parachain available, StateMint. We expect StateMint to be the first common goods parachain. […] Our integration with Polkadot serves to support the decentralized finance ecosystems that are growing across blockchains.”

Paolo Ardoino, CTO at Tether

USDT Allocation on Ethereum and Tron

Tether’s USDT is the largest and most liquid stablecoin in the crypto market. It’s already a multi-chain asset, and going live on Kusama and Polkadot would mark its ninth and tenth base blockchains, respectively. USDT is currently available on eight different blockchains, which include Ethereum, Tron, Bitcoin Cash’s Standard Ledger Protocol, Solana, EOS, Algorand, Liquid Network, and Omni.

However, the majority of USDT in circulation is currently available on Ethereum and Tron blockchain. According to the Etherscan, about 22.4 billion USDT have been issued on the Ethereum blockchain, and they are held in nearly three million addresses. On Tron however, there are 20.9 million USDT on the network.

Disclaimer: The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.