Key Takeaways:
- USDT will soon be available on Tezos’s platform.
- Tether is attempting to boost the application of USDT in the market.
Amidst extreme market volatility, the value of USDT has been fluctuating recently, and it de-pegged as well. However, the operator of the stablecoin, tether.to has announced that USDT will soon be available on Tezos, a leading Proof-of-Stake blockchain network. After this addition, Tether USDT will be officially available on 12 blockchain networks, including Ethereum (ETH), Tron (TRX), Solana (SOL), Avalanche, Algorand (ALG), and Polygon (MATIC), Omni, EOS, etc.
The announcement mentions that this initiative has been taken to promote USDT as “a leading choice for brands and institutions” who are planning to join the Web3 revolution. This launch also shows that the stablecoin is gaining momentum as a “thriving Proof-of-Stake blockchain”. Users of the Tezos Network will gain access to DeFi, payment features and others.
The CEO at Tether, Paolo Ardoino says that the integration has been made keeping in mind long term goals. Whereas, the Founder at Papers, Alessandro DE Carli says that, “The launch of USD₮ on Tezos will undoubtedly unlock new DeFi products and I expect the impact on volume growth of the Tezos DeFi ecosystem to be remarkable.”
The launch of Tether USD on Tezos will make the stablecoin the largest in the market in terms of market capitalization that is available within the network. It will also portray that Tether is open for such significant integrations.
The aim of Tether is to utilize the features of Tezos that include low gas costs, faster transaction speed, and the modified BFT algorithm. The network will soon be coming up with more promising features which will be beneficial for Tether as well.
