Tether (USDT), the platform on which the world’s most popular stablecoin, USDT is built, has announced the launch of USDT on the Tezos blockchain network in an effort to broaden its scope. The move has resulted in an increase in the market cap of Tether, and is now estimated to be worth $80 million. Tezos, unlike many early blockchain networks that used proof of work process, used a proof of stake system.
Tether’s USDT, which is currently available on 12 blockchain networks, is a welcome addition to the $80 billion Tezos ecosystem. USDT on Tezos will power unprecedented applications in payments, DeFi and other areas. USDT has made waves as the largest stablecoin in the crypto world, and has taken another step forward in its grandeur by joining the Tezos Proof of Stake network.
A long term growth plan?
Tezos, which was introduced in 2018, has jumped to the 33rd position on the list of the largest currencies in the world. According to Tether CTO Paolo Ardoino, the collaboration with USDT has the potential to lead to even greater growth. It is currently the only proof-of-stake network that does not require hard forks, making it the world’s first self-modifying blockchain.
Tether CTO Paolo Ardoino said, “We are excited to launch USDT on Tezos, which gives our growing and vibrant community access to the most liquid, stable and reliable stablecoin in the digital token space. Tezos is rapidly coming to the platform and we believe that this integration will be essential to its long-term development.”
The problem of de-pegging stablecoins has been a hot topic of debate in light of the current state of the crypto market, which has seen a huge decline in cryptocurrencies and stablecoins. Tether is not safe from volatile conditions. According to available data, the currency lost 5% of its value after hitting a low of $0.95, but has since rebounded by a slight margin to $0.98.