Tether has launched the Tether stablecoin (USDT) on the Kusama network. Tether will trade under asset ID 1984 and power transactions on Kusama’s Statemine parachain. Kusama’s first parachain, Statemine, enables the deployment of assets such as tokenized artwork and stablecoins. The lower costs and faster transactions offered by Statemine make it a better option for users. Also, there will be enhanced blockchain security, scalability, and interoperability.
With Tether tokens now within the Kusama ecosystem, users can access one of the largest and most transparent options available in the wider cryptocurrency ecosystem. In addition, the USDT on Kusama will let developers build and distribute trustless apps across chains, communities and networks. Also, because of its commitment to multi-chain accessibility, which allows anybody to create anywhere, consumers will have a smooth interoperable experience.
Tether tokens enable access to the largest and most transparent stablecoin option in the wider cryptocurrency ecosystem for decentralized apps requiring stablecoins that run across several networks. By joining Kusama, USDT is now on ten blockchain networks. The others include Ethereum, Standard Ledger Protocol, Solana, Liquid Network, Algorand, EOS, Omni, and Tron.
“We’re excited to launch USD₮ on Kusama, offering its community access to the most liquid, stable, and trusted stablecoin in the digital token space,” said Paolo Ardoino, CTO at Tether.
Created in 2014, Tether (USDT) is the preeminent stablecoin with a market capitalization of $82 billion. This means that as off this writing, it is the third-largest crypto token after Bitcoin and Ethereum. Notably, its valuation is larger than that of all rival stablecoins combined. Also, Tether combines the advantages of both digital and traditional currencies, namely instant transactions and price stability.
Polkadot creator and former Ethereum CTO Gavin Wood founded Kusama in 2019. It is a scalable network of blockchains that may be used for various applications. Its codebase is substantially the same as Polkadot’s. It primarily serves as an experimental platform for those who want to explore launching their full projects on Kusama or Polkadot.
This post was last modified on Apr 13, 2022, 15:00 BST 15:00