Tether (USDT) to Become First Stablecoin on Polkadot (DOT) And Kusama (KSM) Network
- Tether, better known as USDT, is joining the Polkadot blockchain.
Following additions on Ethereum, Tron, and Solana, Tether (USDT) is joining the Polkadot blockchain. According to a blog post, the largest stablecoin is joining the latter blockchain’s cousin, Kusama, in a bid to become the first stablecoin on Polkadot.
However, the launch schedule is yet to be announced as developers integrate the stablecoin on Polkadot’s parachains. Launching on parachains will allow individual blockchains to run USDT transactions parallel within the Polkadot ecosystem – allowing cross-chain interactions with external networks such as Ethereum, using these bridges.
Polkadot is an Ethereum competitor that focuses on solving problems facing the high gas fees, scalability issues, security, and lack of interoperability on the second-largest blockchain.
Speaking on the launch, Tether’s CTO, Paolo Ardoino, said the stablecoin would “most likely launch on the Statemint parachain soon after Statemint becomes available.”
Developed by Parity Technologies, Statemint will provide functionality for deploying assets such as stablecoins in the Polkadot and Kusama networks, solving high gas fees.
“We also continue to look at Kusama,” said Ardoino. “Kusama would theoretically allow us to start experimenting with supporting Tether on parachains even before Statemint is officially live.”
Polkadot is currently the sixth-largest blockchain with a total of nearly $39 billion market cap as of writing. Tether ranks fourth with a total of $43 billion market cap.