Stablecoin issuer Tether today announced the upcoming launch of the USDT token on the Polkadot and Kusama blockchains, writes The Block.
The company noted that the launch dates will depend on the formation of the corresponding parachains, that is, individual blockchains operating in parallel with the main network. According to Paolo Ardoino, CTO of Tether, there is a high probability that the Statemint parachain will be involved. It was announced last month by Parity Technologies, which oversees the development of Polkadot. Statemint will allow individual assets, including stablecoins, to be added to the Polkadot and Kusama networks and to reduce end-user fees.
Initially, USDT will be added to the Kusama network, an experimental version of Polkadot with real value cryptocurrency.
“We expect Statemint to launch within a few months, but the roadmap is not yet complete, so everything is in the planning stage,” added Ardoino.
With the addition of Kusama and Polkadot, the total number of networks supported by Tether will grow to 10. The company’s stablecoin is already available based on Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, Tron and Standard Ledger Protocol (Bitcoin Cash). Ethereum is the main one for Tether today – it contains about 23 billion USDT out of a total volume of 43 billion. It is followed by Tron with almost 20 billion. Other networks are not used much.
Ardoino noted that USDT will be the first stablecoin on the Polkadot blockchain.
“Polkadot, with its parachain structure, has the potential to grow significantly in the coming years. This growth will be supported by high levels of scalability, ”he said.