Tether Announces Launch of USDT on Polkadot Network
- Eleven different blockchains currently support Tether, USDT.
- A New York court ordered Tether Operations Limited to submit financial records.
Tether, in a statement released on Friday, announced the release of its native token USDT on the Polkadot Network. Polkadot is an open-source blockchain platform that is decentralized. Moreover, it’s a comprehensive Web3 environment that allows for registry and computation amongst different blockchains.
In addition, the adoption of the stablecoin allows the blockchain platform to further expand its footprint in distributed systems. Concurrently, “potential adverse effects associated with market volatility” will be mitigated thanks to Tether’s incorporation.
Multiple Blockchains Support
The release blog further states that the Polkadot Relay Chain would enable Tether users to conduct USDT transactions and information sharing in a safe and trustless manner.
According to Tether’s Chief Technology Officer Paolo Ardoino:
“We’re delighted to launch USD₮ on Polkadot, offering its community access to the most liquid, stable, and trusted stablecoin in the digital token space. Polkadot is on a trajectory of growth and evolution this year and we believe Tether’s addition will be essential in helping it continue to thrive.”
Eleven different blockchains currently support Tether, a stablecoin. After adding Polkadot on Friday, the firm says it hopes to continue growing by a factor of many more.
Of the total $81.84 billion in swaps today, 55.60% is settled in tether, and 62% of all BTC exchanges use tether as a counterparty. Support for the Polkadot blockchain came at a time when a New York court ordered Tether Operations Limited to submit financial records demonstrating USDT’s backing. The court’s ruling is the result of a class action complaint that five individuals brought three years ago.
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