The digital asset will be available on a total of 12 different networks, including popular networks like Ethereum, Solana, and Polkadot.
Tether, the world’s most popular cryptocurrency stablecoin, has announced the launch of Tether (USDT) tokens, a new asset developed on the Tezos blockchain with the goal of increasing its digital footprint in the digital payments and decentralized finance (DeFi) sectors.
According to the press release, “USDT on Tezos will power revolutionary applications across payments, DeFi, and more.” More information about the expected utility of Tether tokens was discussed by a Tether representative:
“Tether tokens are not an investment but a utility for engaging in internet commerce, combating volatility, and providing a safe haven for remittances. Tether tokens can be securely stored, sent, and received across the blockchain and are redeemable for the underlying asset, subject to the terms of service and fee schedule.”
The stablecoin issuer then announces the names of the 12 blockchains on which the asset will be available, including Tezos.
“Tether currently supports transfers on a diverse and growing list of blockchains including Solana, Ethereum, Kusama, Avalanche, Polkadot, Algorand, EOS, Liquid Network, Omni, Tron and Bitcoin Cash’s Standard Ledger Protocol.”
Paolo Ardoino, Tether’s chief technical officer, praised the launch and predicted that it will help the company develop in the future years. He added that Tezos is coming fast onto the scene and we believe that this integration will be essential to its long-term growth