Tether Launches USDT Stablecoin on Tezos Blockchain

The world’s largest stablecoin by market cap, USDT, will be available on the Tezos blockchain powered by the Proof-of-Stake consensus mechanism.

Tether Limited on Thursday, June 9, announced about expanding the list of blockchains supporting its stablecoin. The Tezos blockchain included in the list is focused on the creation of smart contracts and decentralized applications (dApps).

With the addition of Tezos, the USDT ecosystem is now available on 12 different networks including Ethereum (ETH), Solana (SOL), Polygon (MATIC), Tron (TRX) and Algorand (ALG). Tether CTO Paolo Ardoino said that the growing and dynamic Tezos community will now be able to seamlessly use the USDT stablecoin for transactions on their network. According to the top manager, Tezos is developing really quickly and Tether believes that the integration that took place will be important in the long term.

Tezos runs on XTZ, its own cryptocurrency network created through a “baking” process, a process similar to staking in other PoS networks, where asset holders can stake their coins to receive rewards for signing and adding blocks.

Tezos currently has a market capitalization of around $1.9 billion, according to CoinMarket Cap, placing its XTZ token as the 33rd largest digital currency.

Earlier, Tether launched a new stablecoin MXNT, pegged to the Mexican peso, which can be moved between the Polygon, Ethereum, and Tron blockchains. The launch is linked to the company’s plans to expand its business in Latin America.

Source: Bits

You may also like