Tether launches new USDT tokens on the Tezos blockchain

Tether's new USDT tokens have been launched on 12 different blockchains; Tezos Blockchain is the latest one

  • Published:
  • 10/06/2022 06:51 PM

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Tether Operations Limited, the firm behind one of the most popular stablecoins, has announced the launch of its flagship stablecoin, the Tether (USDT) token, on the Tezos blockchain. 

The objective of the launch was to increase its digital footprint in the digital payments and decentralised finance (DeFi) sectors. Tezos is an LPoS (Liquid Proof of Stake) blockchain designed to undergo changes without the need for a hard fork.  

The announcement was made in Amsterdam, Netherlands, during the Money 20/20 Conference, which brings together top professionals and firms from the "global money ecosystem" to discuss major trends, innovations, and the industry's present state. 

A spokesperson from Tether talked about using the new tokens, stating, "Tether tokens are not an investment but a utility for engaging in internet commerce, combating volatility, and providing a haven for remittances. Tether tokens can be securely stored, sent, and received across the blockchain and are redeemable for the underlying asset, subject to the terms of service and fee schedule." 

The spokesperson also listed the 12 blockchains that the new token has been launched on "Tether currently supports transfers on a diverse and growing list of blockchains including Solana, Ethereum, Kusama, Avalanche, Polkadot, Algorand, EOS, Liquid Network, Omni, Tron and Bitcoin Cash's Standard Ledger Protocol."

Paolo Ardoino, Chief Technology Officer at Tether, talked enthusiastically about the launch, stating, "We're excited to launch USDT on Tezos, offering its growing and vibrant community access to the most liquid, stable, and trusted stablecoin in the digital token space. Tezos is coming fast onto the scene, and we believe this integration will be essential to its long-term growth." 

With the addition of USDT to the Tezos network, all protocols developed on top of this layer-one blockchain would be able to use the stablecoin for staking, yield farming, lending, and many other things.

Alessandro de Carli, the creator of Papers, a startup that develops blockchain-based mobile-first applications, also talked about the launch, stating that "The launch of USDT on Tezos will undoubtedly unlock new DeFi products, and I expect the impact on volume growth of the Tezos DeFi ecosystem to be remarkable."

Tether is the leader in the stablecoin market with a $72 billion market cap. The Terra fiasco had caused Tether to lose its 1:1 dollar peg last month. At the time of writing, Tezos is trading at $0.99, back to its original 1:1 peg. Before Tezos, Teher was launched on the Ethereum layer-2 network, Polygon.  

Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash