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Tuesday, October 4, 2022

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    Tether announces issuance of USDT on Polkadot network

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    (Image: Crypto Times)

    THE tether announced this Friday (23) that it launched its stablecoin, USDT, in blockchain Polkadot Network’s layer zero. Tether users will be able to use the Polkadot Relay Chain – the zero layer below Parachains – to exchange information and USDT transactions in a secure and “trustless” manner, according to the announcement.

    “We are delighted to launch USDT on Polkadot, providing your community with access to stablecoin more liquid, stable and reliable in the digital token space,” said Paolo Ardoino, CTO at Tether.

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    He adds: “Polkadot is on a trajectory of growth and evolution this year and we believe the addition of Tether will be essential to help it continue to thrive.”

    Overall, Tether Stablecoin is now available on thirteen blockchain networks. According to the company, it also intends to continue expanding beyond that number after the addition to Polkadot on Friday.

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    “Polkadot is a full-stack Web3 ecosystem built for the multi-chain future [multichain]. It is a true multi-chain application environment where activities such as cross-chain logging and cross-chain computing are possible. Polkadot makes it easy for independent blockchains to exchange information and transactions securely and without trust [trustless] through the Polkadot Relay Chain, facilitating the creation and connection of decentralized applications, services and institutions”, he says.

    The company comments that the addition of Tether to the Polkadot ecosystem is another milestone for the industry-leading stablecoin, which continues to grow its presence in decentralized blockchain ecosystems.

    “This will alleviate the potential adverse effects associated with market volatility and provide a stable currency to generate income and enter and exit the network,” reads the announcement.

    The stablecoin is now active on a total of thirteen networks and counting, including Avalanche, Kusama, Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, Tron, NEAR, and Bitcoin Cash’s Standard Ledger protocol.

    in good time

    The announcement, coincidentally or not, came at a troubled time for Acala – one of the leading Parachains that runs through the Polkadot network. Its decentralized stablecoin, aUSD, has had a hard time after setup incident, occurred in augustrelated to the iBTC/aUSD liquidity pool led to the erroneous issuance of three billion aUSD.

    However, the network Acala revealed, this Friday (23), plans to resume operations after an issuance error that resulted in an incident with the stablecoin aUSD In August.

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    Source: Moneytimes

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