Tether's USDT stablecoin goes live on Polkadot

Quick Take

  • Tether has launched its stablecoin natively on the Polkadot ecosystem.
  • USDT is the largest U.S. dollar-based stablecoin by market capitalization.

Tether Limited has launched its USD Tether (USDT) stablecoin on Polkadot, an interoperable network connecting several proof-of-stake blockchains. Tether announced on Friday that the stablecoin was now natively available on Polkadot.

USDT is the largest U.S. dollar-based stablecoin, with market capitalization of nearly $67.5 billion, according to data from The Block. Tether maintains the value of the centralized stablecoin using a basket of assets and cash reserves.

With the latest announcement, Tether has further expanded its position as a stablecoin available across different blockchains. Besides Polkadot, the stablecoin is supported on other networks, including Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, Tron, and Bitcoin Cash’s Standard Ledger Protocol.

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“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 addition will be essential in helping it continue to thrive.” 

The launch will let developers integrate the asset in decentralized finance (DeFi) applications across parachains — modular blockchains that run in parallel across the Polkadot ecosystem.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Vishal Chawla is The Block’s crypto ecosystems editor and has spent over six years covering tech protocols, cybersecurity, artificial intelligence and cloud computing. Vishal likes to delve deep into blockchain intricacies to ensure readers are well-informed about the continuously evolving crypto landscape. He is also a staunch advocate for rigorous security practices in the space. Before joining The Block, Vishal held positions at IDG ComputerWorld, CIO, and Crypto Briefing. He can be reached on Twitter at @vishal4c and via email at [email protected]