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Polkadot Adds Support for Tether on its Blockchain

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Polkadot Adds Support for Tether on its Blockchain

Tether posted an announcement on Twitter saying that its USDT token is now live on Polkadot. Polkadot itself made its own announcement stating that Tether will now be able to offer users to enter its network using a stable currency, and move funds seamlessly and without fear of losing the value of the tokens during the transactions.

Furthermore, Tether’s CTO, Paolo Ardoino, commented on the move by saying that Polkadot is on a trajectory of growth and evolution in 2022. He and his team believe that the addition of Tether to Polkadot’s network will be essential in helping and encouraging that evolution.

Tether sees official launch on Polkadot

Tether posted a more detailed announcement of the new move on its website, explaining that Polkadot was an obvious choice thanks to it being a full-stack Web3 ecosystem, built for the multichain future. Web3 is on the rise, and it is being pursued by most smart contract-supporting platforms, but no one has managed to go as far with it as Polkadot, which is a true mučti-chain application environment.

In its ecosystem, activities like cross-chain computation and registries are not only possible, but also very easy to pull off. Furthermore, the project facilitates independent blockchains to exchange transactions and information in a trustless, secured way by using the Polkadot Relay Chain. That makes it easy to create and connect various dApps, services, and even full-scale institutions.

Polkadot’s users will be able to access a whole new range of benefits thanks to Tether, according to Ardoino, including liquidity, stability, and trust that the stablecoin enjoys throughout the crypto industry. As for Tether itself, the launch on Polkadot highlights its “dedication to pioneering collaboration and interoperability within the growing digital asset space,” as the announcement puts it.

The community agrees that this was the right move

While big news for Polkadot and Tether alike, the launch on DOT’s native blockchain is far from being the first move of this kind that Tether has made. The project has now officially live on dozen different chains, including Avalanche, Ethereum, Algorand, Liquid Network, Tron, Bitcoin Cash’s Standard Ledger Protocol, Kusama, Solana, EOS, Omni, Near, and now Polkadot.

Polkadot’s native cryptocurrency, DOT, has seen a slight surge after the news, which took it from $6.28 to $6.47 in only 12 hours. However, the token has started dropping again since, currently sitting at $6.43 at the time of writing, as the bear market is still holding the crypto industry strongly.

Polkadot’s community, however, does seem to be excited about the new move, with several members commenting that the integration will open p new possibilities and that Tether on Polkadot is the only way forward. And, while some have also inquired about adding USDC support, others have pointed out that the USDC stablecoin has seen some controversy that resulted in it being delisted from Binance and WazirX, so Polkadot definitely made the right decision by picking Tether.

To learn more about Polkadot, visit our Investing in Polkadot guide.

Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.