The issuer of the largest stablecoin by market cap announces the launch of the dollar-pegged crypto asset on challenger Ethereum (ETH) Polkadot (DOT).
In a new corporate blog post, USDT issuer Tether reports that the best stablecoin is now available on the Polkadot blockchain to increase its presence in decentralized ecosystems.
According to Tether, the launch of USDT on Polkadot will mitigate potential negative impacts of market volatility on the stablecoin while providing a strong dollar-pegged currency to generate returns and transfers in and out of the blockchain.
Said Paolo Ardoino, CTO at Tether,
“Polkadot is on a trajectory of growth and evolution this year and we believe the addition of Tether will be key to helping it continue to thrive.”
USDT is now live on 11 networks, including Ethereum and its competitors Solana (SOL), Avalanche (AVAX), Algorand (ALGO), and Near Protocol (NEAR), according to the press release.
Dan Reecer, Growth Director of Polkadot Decentralized Finance Center, Acala (ACA), said the move makes USDT compatible with DOT’s many parachains and decentralized applications (DApps).
“USDT can now be minted natively on Polkadot. App chains like AcalaNetwork and Centrifuge, and general-purpose Ethereum Virtual Machine (EVM) chains like MoonbeamNetwork and AstarNetwork, can now integrate native USDT into their parachain and/or DApp ecosystem alongside native aUSD of the substrate.
Tether’s announcement comes as USDT whales and sharks ramp up activity. According to commercial information company Santiment, addresses holding between $100,000 and $10 million have collection almost $450 million worth of stablecoins in less than two months.
“While crypto remains volatile as stocks brace for further rate hikes, buying power is steadily increasing among large USDT addresses. Addresses worth $100,000-$10 million added 4 .03% more to their bags over the past seven weeks, or 1.12% of the total supply.
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