The whole community of Tether is excited to introduce the USD₮ on Tezos as stated by the Chief Technology Officer at Tether blockchain, Paolo Ardoino;
“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,”
Paolo also said;
“Tezos is coming fast onto the scene and we believe that this integration will be essential to its long-term growth.”
Tether (USDT) is a cryptocurrency stablecoin pegged to the U.S. dollar and backed “100% by Tether’s reserves,” according to its website.
The Tether operation limited, Tether, a firm operating the blockchain-allowed platform tether. that control the biggest stablecoin by market capitalization has launched the Tether token on the Tezoz, a pioneering proof-of-stake blockchain.
Uniqueness of Tether
Presently, Tether USDT is available on 12 blockchain networks, and its collaboration with Tezos is an additional welcome.
Upon launch, Tether will be the largest stablecoin by market capitalization available within the network.
Effect of Launching
- With the launching of the USDT, the on and off-ramps in the Tezos DeFi ecosystem are simplified and effective. As Tezos is known as an exemplary system with features and tools which have permitted innovative application designs which are not feasible on other networks.
- USDT launching on Tezos will undoubtedly open new DeFi products and the impact will show on the growth of the Tezos DeFi ecosystem remarkably.
- The launching of USDT om Tezos will further highlight Tether’s dedication to pioneering partnership and inter-functionality within the digital asset space.
Uniqueness of Tezos
- Tezos is a special network in the blockchain space having 9 upgrades.
- It is the only layer 1 blockchain network to successfully existed and upgrade over time without depending on Hard Fork. The upgrade has gotten a reductive effect on the gas costs and increased transaction speed, and most lately, such upgrades even replaced Tezos’s consensus mechanism with Tenderbake, a modified BFT algorithm similar to cosmos Tendermint.
USDT, as the most liquid, stable, and innovative stablecoin, it’s a market capitalization of over US $72 billion. USD₮ works across a diversity of different blockchains, including Algorand, Avalanche, Bitcoin Cash’s Simple Ledger Protocol (SLP), Ethereum, EOS, Liquid Network, Omni, Polygon, Tezos, Tron, Solana, and Statemine.
Tether has released a new Mexican peso-pegged stablecoin, marking its entrance into Latin America. Dubbed MXNT, the stablecoin will previously be available on the Ethereum, Tron, and Polygon Blockchain, Tether stated two weeks ago. This is Tether’s fourth fiat-pegged stablecoin, after US dollar-pegged USDT, Euro-pegged EURT, and the offshore Chinese Yuan-pegged CNHT.
Currently from CoinMarketCap, USDT is $0.9993.