stablecoin Operator Tether announced today that it is expanding the list of blockchain networks supporting its flagship stablecoin USDT. TezosOne proof-of-stake (Pos) platform for building smart contracts and decentralized applications (DApps).
With Tezos, the USDT ecosystem is now available on 12 different networks including Ethereum (ETH), Tron (TRX), Solana (SOL), Algorand (ALG), and the recently added Polygon (MATIC).
“We are excited to launch USDT on Tezos, which provides its growing and vibrant community access to the most liquid, stable and trusted stablecoins in the digital token space,” Tether CTO Paolo Ardoino said in a statement. “Tezos is rapidly approaching the platform and we believe this integration will be essential to its long-term growth.”
Tezos is powered by XTZ, the network’s native cryptocurrency created through a process called “baking”. In many aspects, baking is similar to what is called staking on other PoS networks, where holders have the ability to stake (bake) their coins to receive rewards for signing and publishing blocks.
According to CoinMarketCap, Tezos is currently the 33rd largest digital currency with a market capitalization of approximately $1.9 billion.
Tezos and DeFi
Launched in 2018, Tezos is sometimes referred to as the first “self-modifying” blockchain, which uses its unique on-chain governance mechanism to automatically integrate new features without the need for hard forks. Leverages – a popular method for deploying new functionality that introduces a different set of rules and requires software upgrades, making previous blocks and transactions incompatible with newer versions of the protocol.
These unique features have helped Tezos become the platform of choice for many brands and institutions seeking opportunities in the world of decentralized finance (DeFi).
Tezos’ growing DeFi ecosystem includes yield farming protocol Youves, decentralized exchange and EVM bridge Plenty, and automated market maker Vortex.
One of the advantages of having USDT over Tezos, according to Alessandro De Carli, founder of Peppers, the company behind Beacon, the interaction standard for Tezos dApps and wallets, is that “it is much easier to ramp on and off the Tezos DeFi ecosystem.” Will be more efficient.”
“The launch of USDT on Tezos will undoubtedly unlock new DeFi products and I expect the impact on the volume growth of the Tezos DeFi ecosystem to be significant,” De Carly said.
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