Tether's USDT stablecoin launching on Tezos

Tether • June 9, 2022, 6:00AM EDT

Tether announced today that it is launching its USDT stablecoin on the Tezos blockchain, just days after it expanded to Polygon.

Tether has been enlarging its network reach amid heavy redemptions of USDT in recent weeks. Over the past month, USDT's supply has declined by 6 billion, according to The Block's Data Dashboard.

Tezos is the 12th blockchain on which USDT will be available, after Ethereum, Solana, Avalanche, Polygon, Algorand, Tron, Omni, EOS, Liquid Network, Kusama and Bitcoin Cash's Standard Ledger Protocol.

Tether says USDT's launch on Tezos will help the blockchain network's DeFi ecosystem. "Several notable projects have launched on Tezos, including those in the fashion, music, gaming, and art industries," Tether told The Block in a statement. Still, Tezos's ecosystem is currently tiny, with a total value locked (TVL) of $36 million, according to data from DeFi Llama.

While USDT is available across many blockchains, its usage on Ethereum and Tron is the highest, according to The Block's Data Dashboard. Tether told The Block that it plans to launch USDT on "any and all blockchains as well as L2 [Layer2] protocols."

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.