Tether Plans to Convey USDT Stablecoin to Polkadot and Kusama

| Peter Wind

Key highlights:

  • Tether plans to launch USDT on Polkadot and Kusama
  • USDT will possible be launched on the Statemint parachain
  • The timeline of the launch will rely upon when parachains go reside for Polkadot and Kusama

Tether’s USDT is coming to Polkadot and Kusama

Stablecoin issuer Tether plans to carry their flagship USDT stablecoin to Polkadot, in addition to the associated blockchain community Kusama. 

USDT is more likely to launch on Statemint, a parachain for Polkadot and Kusama proposed by Parity Applied sciences. Statemint can be specialised for deploying blockchain-based property, starting from stablecoins to tokens and NFTs. Nevertheless, it’s not clear precisely when Statemint will go reside – Tether CTO Paolo Ardoino advised The Block that Tether expects Statemint to launch “within the subsequent few months”.

Parachains are personalized blockchains that may interoperate with one another by way of the Polkadot platform (Kusama additionally has parachains). The Polkadot community can’t help a limiteless quantity of parachains, so parachain slots are auctioned off. Nevertheless, sure parachains which can be decided as “common-good” can obtain a slot with out an public sale by way of Polkadot’s governance system. The Statemint parachain talked about above is being proposed as a common-good parachain.

Tether shall be launching USDT on Kusama first, as it’s anticipated to have parachains earlier than Polkadot does. Kusama is designed as a “canary community” to Polkadot, and is similar to it from a technical perspective. Usually, new options are deployed and experimented with on Kusama earlier than they make their method to Polkadot. 

As for USDT, the stablecoin is already accessible on all kinds of blockchain platforms, together with Bitcoin (by way of the Omni protocol), Ethereum, EOS, TRON, Algorand, Solana, Bitcoin Money (by way of the Easy Ledger Protocol), and others. 

With nearly $40 billion tokens in circulation, USDT is by far the most important stablecoin in the marketplace. Tether not too long ago launched an assurance opinion from accounting firm Moore Cayman to help its claims that each one USDT tokens are totally backed by Tether’s reserves.

As an especially fashionable asset within the cryptocurrency market, the provision of USDT will definitely be a lift to the DeFi (decentralized finance) apps which can be being constructed for Polkadot and Kusama. 

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