Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Tether To Launch USDT Stablecoin On Polkadot, As The Ecosystem Gathers Momentum

CryptocurrencyApr 08, 2021 06:31AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Tether To Launch USDT Stablecoin On Polkadot, As The Ecosystem Gathers Momentum

  • Tether has announced that it will launch its USDT stablecoin on the Polkadot and Kusama networks.
  • There was no specified launch schedule due to the ongoing formation of parachains on the Polkadot and Kusama blockchains.
  • The news confirms Polkadot’s increasing desire to capture more of the decentralized finance (DeFi) marketplace.
  • A partnership has seen Polkadot integrate Chainlink’s Price Feeds as an oracle pallet.

On Tuesday, April 6th, Tether announced that it would launch its USDT stablecoin on the Polkadot and Kusama networks. As per the announcement, there was no stated time for the completion of the launch.

Tether To Launch USDT On Polkadot And Kasuma

According to the announcement, the launch is not possible at this time due to the ongoing formation of parachains on the networks. Parachains are individual blockchains that run parallel within the Polkadot ecosystem (Polkadot and Kusama).

Parachains can interact with each other and with external networks like Ethereum using bridges. This flexibility makes the Polkadot network more scalable, secure, and interoperable than traditional blockchains.

According to the announcement, the USDT will first be launched on Kasuma, Polkadot’s cousin network. Kasuma, like in the past, will be used to prepare for the deployment of USDT on Polkadot. This is possible because Polkadot and Kasuma share identical codebases.

Tether To Attract More Defi Applications To Polkadot?

Polkadot, one of the fastest-growing cryptos and a famed Ethereum killer, has been gaining a lot of traction lately. Polkadot recently announced the integration of Chainlink’s Price Feeds as an oracle pallet as it plans to expand its reach into the DeFi marketplace.

The inclusion of Tether will be a complementary factor to attract more developers to the Polkadot ecosystem. The stablecoin has continually played an important role in growing many other crypto ecosystems.

Tether has a market cap of over $43 billion and daily trade volumes that sit miles ahead of other competing stablecoins in the market.

As Polkadot seeks to expand its reach in the DeFi marketplace with more cost-effective and scalable platforms, no doubt the stablecoin will gain new avenues for growth. These will assist the Polkadot ecosystem to achieve its set objectives.

On the Flipside

  • Regardless of the positive news around Polkadot, the market has not been favorable.
  • Over the last 24 hours, Polkadot (DOT) has slumped by more than 13%, falling from $45.81 to trade at $38.36 at the time of writing.
  • This comes just days after Polkadot jumped by more than 20% to hit a new all-time high.

Plans For USDT To Also Launch On Statemint

The chief technology officer of Tether, Paolo Ardoino, also explained that the USDT may debut on Statemint, a parachain created by a Polkadot developer: Parity Technologies.

The parachain, which was introduced last month, would provide functionality for developers to deploy assets such as stablecoins in the Polkadot and Kusama networks and help end-users with lower fees.

Ardoino said, “We are expecting the launch of Statemint in the next few months.” However, he clarified that there is no final roadmap at the moment, and they will continue to look at Kasuma for now.

For developers on the Polkadot network, Kasuma may be the first network to receive the USDT. Ardoino noted that “Kusama would theoretically allow us to start experimenting with supporting Tether on parachains even before Statemint is officially live.”

Continue reading on DailyCoin

Tether To Launch USDT Stablecoin On Polkadot, As The Ecosystem Gathers Momentum
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email