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Tether will launch the USDT stablecoin on the Polkadot blockchain

Tether plans to launch USDT stablecoin on the Polkadot blockchain: the experimental Kusama network and the Statemint parachain. The launch schedule has not been determined as the parachains are not yet available.

Parachains in Polkadot are parallel chains that can interact with each other and with external networks. They act as “bridges” connecting different blockchains. It helps to solve problems related to scalability, security and interoperability of blockchains.

Tether CTO Paolo Ardoino said that USDT stablecoins will first be added to Kusama, an experimental version of Polkadot’s blockchain interoperability protocol. Kusama is designed to prepare projects for deployment to Polkadot. It is based on the modular Substrate architecture, and has almost the same code base as Polkadot.

USDT will appear on the Statemint parachain as soon as it becomes available. Statemint was introduced last month by Parity Technologies, which develops Polkadot. According to the developers, Statemint will allow adding stablecoins to the Polkadot and Kusama networks, as well as reducing fees for end users. Statemint will launch in the next few months.

Ardoino said that Tether is continuing to explore Kusama’s capabilities, as the network will theoretically allow USDT experiments on parachains even before Statemint officially launches. Tether currently supports USDT on the Ethereum, Tron, Solana, Algorand, EOS, Bitcoin (Liquid Network and Omni) and Bitcoin Cash blockchains.

As a reminder, Moore Cayman analyzed Tether’s assets in February. During the certification, it was revealed that the company’s reserves did indeed match the value of the USDT in circulation.

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