Tether has released a new USDT token on the Tezos blockchain
10-06-2022
By: Sudeep Saxena
Tether Launches USDT on Tezos for Payments and DeFi Growth
Tether, the world's most popular cryptocurrency stablecoin, has announced the introduction of Tether (USDT) tokens, a new asset developed on the Tezos blockchain with the goal of increasing its digital footprint in digital payments and decentralized finance sectors.
"USDT on Tezos will enable breakthrough applications spanning payments, DeFi, and more," according to the media announcement. More information on the expected utility of Tether tokens was offered during a chat with a Tether representative:
Tether tokens are a utility for participating in online commerce, combatting instability, and offering a safe haven for remittances, rather than an investment. Tether tokens may be stored, transmitted, and received securely via the blockchain and are redeemable for the underlying asset, according to the terms of service and fee schedule.
The speaker went on to divulge the identities of the 12 blockchains on which the asset will be available, including Tezos.
Solana, Ethereum, Kusama, Avalanche, Polkadot, Algorand, EOS, Liquid Network, Omni, Tron, and Bitcoin Cash's Standard Ledger Protocol are among the blockchains that Tether now supports.
Paolo Ardoino, Tether's chief technical officer, praised the launch and predicted that it will help the company develop in the future years.
Tezos is rapidly gaining traction, and we feel that this integration is critical to its long-term success.
As coin Gabbar earlier reported that the stablecoin usd coin (USDC) is now supported on the Polygon network , according to Circle, the project's creator. The stablecoin with the second-largest market value may now be withdrawn using a Circle Account and Circle APIs without the need for manual cross-chain bridge technology.
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