Tether, the world’s largest stablecoin issuer, has announced the launch of USDT on the Tezos blockchain, thus increasing the number of networks that support the asset to 12.
- The Layer 1 network, Tezos, uses a variant of Proof-of-Stake (PoS), known as Liquid Proof-of-Stake (LPoS), and is designed to initiate hard forks into two separate blockchains. Designed to undergo changes without making. Subsequent upgrades have resulted in reduced gas costs, as well as a reduced carbon footprint.
- According to a press release shared with cryptopotatoThe introduction of USDT on Tezos is expected to simplify and enhance the on- and off-ramp in the subsequent decentralized finance ecosystem.
- Commenting on the latest development, Tether CTO Paolo Ardoino said,
“We are excited to launch USD₮ on Tezos, which gives our growing and vibrant community access to the most liquid, stable and reliable stablecoins in the digital token space. Tezos is rapidly coming to the platform and we We believe this integration will be essential for its long-term growth.”
- Papers founder Alessandro De Carly also weighed in on the matter, indicating that the introduction of USDT on Tezos will make the latter’s DeFi ecosystem more efficient and easier to use.
- Prior to Tezos, USDT was launched on Ethereum’s Layer 2 network, Polygon.
- At the time of writing, Tether has maintained the position as the stablecoin leader with a market cap of over $72 billion, despite briefly losing its value of 1:1 against the dollar last month.
- In an effort to grow its product line, the company behind the stablecoin launched a new type of stablecoin backed by the Mexican peso. Firstly, MXNT will be available on the three main blockchains – Ethereum, Tron and Polygon.
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