Stablecoin Tether (USDT) is expected to be launched on Tezos blockchain as per the announcement.
Tether Token (USD₮) to Launch on Tezos
— Tether (@Tether_to) June 9, 2022
As reported by Tether (USDT), “to power revolutionary applications across payments, DeFi, and more” is why the stablecoin was launched on the Tezos network.
The CTO of Tether (USDT), Paolo Ardoino noted:
“We’re excited to launch USD₮ on Tezos, offering its growing and vibrant community access to the most liquid, stable, and trusted stablecoin in the digital token space,” He went on to say that: “Tezos is coming fast onto the scene and we believe that this integration will be essential to its long-term growth.”
the USD Coin (USDC) follows in second place as the most famous stablecoin, to Tether (USDT) which has the most cryptocurrency pairs presently. More people will be able to hold their savings in non-volatile USD-pegged cryptocurrencies by making Tether (USDT) available on different blockchains. It also makes Decentralized Finance (DeFi) more accessible to users.
Alessandro De Carli, Founder at Papers, stated:
“With the introduction of USD₮, on and off ramps into the Tezos DeFi ecosystem are simplified and efficient. Tezos is an exemplary system with features and tools which have enabled innovative application designs not possible on other networks,” also adding: “The launch of USD₮ 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 (USDT) and the USD Coin (USDC) stablecoins were added to the Cardano (ADA) network in April of the current year as the stablecoin market has lately expanded. Tether’s (USDT) assets of $82.4 billion in May were believed to have surpassed USDT’s market cap.