Tether, the issuer of the world’s largest stablecoin, has announced the launch of USDT on the Tezos blockchain, thus expanding the number of networks supporting the asset to 12.
- The layer 1 network, Tezos, uses a variant of Proof-of-Stake (PoS), known as liquid Proof-of-Stake (LPoS), and is designed to undergo changes without initiating a hard fork into two separate blockchains. Subsequent upgrades have decreased gas costs, as well as a lowered carbon footprint.
- According to the press release shared with CryptoPotato, the introduction of USDT on Tezos is expected to simplify and enhance the on and off-ramps into the latter’s decentralized finance ecosystem.
- Commenting on the latest development, Paolo Ardoino, CTO at Tether, said,
“We’re excited to launch USD₮ on Tezos, offering its growing and vibrant community access to the most liquid, stable, and trusted stablecoin in the digital token space. Tezos is coming fast onto the scene and we believe that this integration will be essential to its long-term growth.”
- Alessandro De Carli, a founder at Papers, also weighed in on the matter, indicating that the introduction of USDT on Tezos will make the latter’s DeFi ecosystem more efficient and simple to use.
- Before Tezos, USDT was launched on Ethereum’s layer 2 network, Polygon.
- At the time of writing, Tether has held on to the position as the stablecoin leader with over a $72 billion market cap despite briefly losing its pricing of 1:1 with the dollar last month.
- In an effort to grow its product line, the company behind the stablecoin launched a new type of stablecoin, backed by the Mexican peso. At first, MXNT will be available on three main blockchains – Ethereum, Tron, and Polygon.