Tether launches USDT on Tezos Blockchain
The issuer of the largest stablecoin, Tether, has launched USDT on the Tezos blockchain in its efforts to expand the network supporting the asset to 12.
USDT on Tezos blockchain
As per the press release, the launch of USDT on Tezos aims to simplify and enhance the on and off-ramps into Tezos' DeFi ecosystem. The layer one network of Tezos uses liquid Proof-of-Stake (LPoS) and is able to undergo changes without starting a hard fork into two separate blockchains.Tether said USDT's latest launch on Tezos will improve the network's DeFi ecosystem, which has a current total value locked (TVL) of $36 million. It stated:
"Several notable projects have launched on Tezos, including those in the fashion, music, gaming, and art industries."Paolo Ardoino, the Chief Technology Officer at Tether, commented on the launch and said that Tezos will offer "its growing and vibrant community access to the most liquid, stable, and trusted stablecoin [USDT] in the digital token space." He added:
"Tezos is coming fast onto the scene, and we believe that this integration will be essential to its long-term growth."
Latest developments
Notably, before Tezos, the stablecoin was launched on Polygon, the renowned Ethereum's layer two network, in May this year. Tether has also launched a new type of stablecoin, MXNT, backed by the Mexican Peso, in an effort to expand its product line. Initially, the new stablecoin will be launched on Ethereum, Polygon, and Tron.On April 13, Ardoino told CNBC said that the company is prioritizing lowering its commercial debt holdings.
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