Leading cryptocurrency stablecoin Tether has announced the launch of a new asset, the Tether (USDT) token built on the Tezos blockchain, with ambitions to expand its digital footprint into the digital payments and decentralized finance (DeFi) sector.
According to the press release, “USDT on Tezos will power revolutionary applications in payments, DeFi and more.” In a conversation with a Tether representative, more context was provided regarding the intended usefulness of the Tether token:
“The Tether token is not an investment, but a utility to engage in Internet commerce, combat volatility, and provide a safe haven for remittances. Tether tokens can be stored, sent and received securely on the blockchain. and can be redeemed for the underlying asset subject to the Terms of Service and the Fee Schedule.”
The representative went on to reveal the names of the 12 blockchains on which the asset will be accessible, including Tezos:
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“Tether currently supports transfers on a diverse and growing list of blockchains, including Solana, Ethereum, Kusama, Avalanche, Polkadot, Algorand, EOS, Liquid Network, Omni, TRON and the Standard Ledger Protocol of Bitcoin Cash.”
Tether’s CTO, Paolo Ardoino, praised the launch, anticipating that it would support Tether’s growth in the years to come.
“Tezos is rapidly approaching the platform and we believe this integration will be essential to its long-term growth.”