Polkadot adds support for Tether on its Blockchain

Tether posted an announcement on Twitter stating that its USDT token is now live on Polkadot. Polkadot itself made its own announcement stating that Tether will now be able to offer users to enter its network using a stablecoin and move funds seamlessly and without fear of losing token value during transactions.

Additionally, Tether CTO Paolo Ardoino commented on the decision saying that Polkadot is on a trajectory of growth and evolution in 2022. He and his team believe that adding Tether to Polkadot’s network will be key to help and encourage this development.

Tether sees official launch on Polkadot

Tether posted a more detailed announcement of the new decision on its website, explaining that Polkadot was an obvious choice because it’s a full-stack Web3 ecosystem built for the multi-channel future. Web3 is on the rise and is pursued by most smart contract support platforms, but no one has managed to go as far as Polkadot, which is a true mučti-chain application environment.

In its ecosystem, activities such as cross-chain computing and ledgers are not only possible, but also very easy to perform. Additionally, the project facilitates independent blockchains to exchange transactions and information in a secure and trustless manner using the Polkadot Relay Chain. This makes it easy to create and connect various dApps, services, and even large-scale institutions.

Polkadot users will be able to access a whole new range of benefits through Tether, according to Ardoino, including the liquidity, stability, and trust that the stablecoin enjoys throughout the crypto industry. As for Tether itself, the launch on Polkadot highlights its “dedication to pioneering collaboration and interoperability in the growing digital asset space,” as the announcement puts it.

The community agrees it was the right decision

While this is big news for Polkadot and Tether, the launch on DOT’s native blockchain is far from the first such move Tether has made. The project is now officially live on a dozen different chains, including Avalanche, Ethereum, Algorand, Liquid Network, Tron, Bitcoin Cash’s Standard Ledger Protocol, Kusama, Solana, EOS, Omni, Near, and now Polkadot.

Polkadot’s native cryptocurrency, DOT, saw an uptick following the news, which took it from $6.28 to $6.47 in just 12 hours. However, the token has since started falling again, currently sitting at $6.43 at the time of writing, as the bear market is still holding the crypto industry strong.

The Polkadot community, however, seems to be excited about the new move, with several members stating that the integration will open up new possibilities and that Tether on Polkadot is the only way forward. And, while some also inquired about the addition of USDC support, others pointed out that the USDC stablecoin has experienced controversy that led to it being delisted by Binance and WazirX, so Polkadot definitely made the right decision by choosing Tether.

To learn more about Polkadot, see our Investing in Polkadot guide.

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