Tether, the world’s largest stablecoin by market capitalization, is now available on the Tezos proof-of-stake blockchain.
The launch of Tether’s USDT comes after months of testing and beta testing by several prominent crypto exchanges. Binance Labs, Kraken, and KuCoin are among the companies that have tested Tether’s new blockchain asset.
“We’re thrilled to welcome Tether to the Tezos community,” said Ryan Jesperson, President of the Tezos Foundation. “This partnership will enable Tezos to continue growing as a leading platform for smart contract development and adoption.”
The partnership between Tether and Tezos is significant because it shows how stablecoins can be used in various ways within a blockchain ecosystem. Tether provides users with a secure way of storing value and transferring money globally in any currency—without having to worry about traditional banking or exchange fees. Meanwhile, Tezos allows developers to build applications using smart contracts, which can be used to create anything from decentralized exchanges to games like CryptoKitties.
Tether’s USDT is the largest stablecoin by market capitalization, with a total value of over $2 billion at press time. This makes its addition to Tezos one of the most significant developments in cryptocurrency since Bitcoin Cash was added to Coinbase in December 2017.
The addition of USDT will make Tezos one of the only blockchains that allows users to transact with fiat currencies besides their native token (XTZ).
Tether (USDT), the world’s most widely used stablecoin and a major player in the crypto market, has just launched on Tezos. The addition of Tezos to the USDT ecosystem means that now 12 different blockchains are supported by Tether, including Ethereum (ETH), Tron (TRX), Solana (SOL), Algorand (ALG), and Polygon (MATIC).
The addition of USDT to Tezos is significant for both the platform and the broader ecosystem due to the ability to transact in dollars using a native cryptocurrency. USDT has been used by many developers as a bridge currency in order to reduce friction during transactions between different blockchains without having to use fiat currencies like USD or BTC (which are not easily accessible).
Image: Rocket Vectors by Vecteezy