Polkadot Now Allows Tether (USDT) to Be Minted on Its Blockchain cryptomarketbag

tie ropeTether.to, the company that operates the blockchain-enabled platform that powers the largest stablecoin and third largest cryptocurrency by market capitalization, today announced the launch of Tether (USDT) on Polkadot. The launch will allow Tether to move in and out of the Polkadot network.

Dan Reiser, chief development officer of Akala Networks tweeted on the development: “USDT can now be natively minted on Polkadot. Appchain like Akala Networks and Centrifuges, and general-purpose EVM chains like Moonbeam Network and Astar Network now native USDT can integrate the substrate-native Acala Stablecoin, aUSD with their Parachain and/or DApp ecosystem.”

Tether, the largest stablecoin on the market, continues to expand its footprint in the decentralized ecosystem with the addition of the Polkadot ecosystem. Polkadot offers a multi-chain application environment, a full-stack Web3 ecosystem, that makes cross-chain registries and cross-chain computations conceivable. Through the Polkadot Relay Chain, Polkadot enables separate blockchains to communicate data and transactions, thus simplifying the development of decentralized apps, services and institutions.

The USDT stablecoin is now available on a total of 11 networks, including the standard ledger protocols of Avalanche, Kusama, Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, Tron, NEAR and Bitcoin Cash.

In the past week, on-chain analytics firm Santiment reported Polkadot as a leading blockchain in terms of weekly development activity. This remains a major achievement for the network as it continues to thrive by introducing upgrades at regular intervals. Despite the positive development, the token issuance has been plagued by bear market conditions.

At the time of publication, the Polkadot blockchain’s native asset, DOT, was changing hands at $6.30, with a slight decline over the past 24 hours. Polkadot is the 11th largest cryptocurrency with a market capitalization of $7 billion.

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