The USD Tether (USDT) stablecoin was introduced by Tether Limited on Polkadot, a network that allows for communication between various proof-of-stake blockchains. On Friday, Tether declared that Polkadot now natively supports the stablecoin.
According to The Block data, USDT is the largest US dollar-based stablecoin, with a market capitalization of nearly $67.5 billion. Tether uses a basket of assets and cash reserves to keep the centralized stablecoin’s value stable.
Tether’s position as a stablecoin available across multiple blockchains has been strengthened by the latest announcement. In addition to Polkadot, the stablecoin is supported by Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, Tron, and Bitcoin Cash’s Standard Ledger Protocol.
“We’re delighted to launch USDT on Polkadot, offering its community access to the most liquid, stable, and trusted stablecoin in the digital token space,” said Paolo Ardoino, chief technology officer at Tether. “Polkadot is on a trajectory of growth and evolution this year and we believe Tether’s edition will be essential in helping it continue to thrive.”
The asset will be available for developers to use in decentralized finance (DeFi) applications across parachains, which are modular blockchains that run in parallel across the Polkadot ecosystem.