The issuer of the largest stablecoin by market capitalization has announced the launch of Ethereum (ETH) challenger Polkadot (DOT) dollar-pegged cryptocurrency.
In a new company blog post, USDT issuer Tether said the top stablecoin is now Available The Polkadot Blockchain as a Way to Increase Presence in Decentralized Ecosystems
According to Tether, the launch of USDT on Polkadot mitigates the potential negative impact of market volatility on stablecoins while also creating a healthy dollar-pegged currency to generate yield and move in and out of the blockchain. Offers.
Paolo Ardoino, CTO of Tether, said:
“Polkadot is on a growth and evolutionary trajectory this year and we believe the addition of Tether is essential for it to continue to thrive.”
According to a press release, USDT is currently live on 11 networks, including Ethereum and its competitors Solana (SOL), Avalanche (AVAX), Algorand (ALGO) and Near Protocol (NEAR).
Dan Reecer, chief growth officer at Polkadot’s decentralized financial hub Acala (ACA), said: To tell This move will make USDT compatible with DOT’s many parachains and decentralized applications (DApps).
“USDT can now be issued natively in Polkadot. App chains such as AcalaNetwork and Centrifuge, and general-purpose EVM (Ethereum Virtual Machine) chains such as MoonbeamNetwork and AstarNetwork, can issue native USDT along with substrate native aUSD to parachains and We can now integrate into the DApp ecosystem.”
The Tether announcement comes at a time when USDT whales and sharks are in full swing. According to market research firm Santiment, from $100,000 he has $10 million addresses. collected Got $450 million worth of stablecoins in less than two months.
“Purchasing power is slowly recovering among large USDT addresses as stocks prepare for further rate hikes and cryptocurrencies remain volatile. Addresses worth between $100,000 and $10 million are We added 1.12% of total supply to the bag, up 4.03% in the last seven weeks.”
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