Stablecoin Tether (USDT) on Tezos Blockchain Now Available
Tether Operations Limited (Tether Inc) announced that it is launching Tether tokens (USDT) on Tezos, the pioneering upgradable Proof-of-Stake blockchain. USDT is presently the largest stablecoin by market capitalization.
“We’re excited to launch USDT on Tezos, offering its growing and vibrant community access to the most liquid, stable, and trusted stablecoin in the digital token space… Tezos is coming fast onto the scene and we believe that this integration will be essential to its long-term growth.”
Paolo Ardoino, CTO at Tether
Accordingly, the integration of USDT to Tezos demonstrates the growing momentum of the blockchain as a thriving Proof-of-Stake ecosystem that continues to build a reputation as the leading choice for brands and institutions looking to build the Web3 revolution.
Currently, Tether’s USDT’s $80 billion network is available on 12 blockchain networks, such as Bitcoin, Ethereum, Tron, Algorand, Solana, EOS, OMG Network, and others. Tether noted that its launch on Tezos will power revolutionary applications across payments, DeFi, and more.
“With the introduction of USDt, on and off ramps into the Tezos DeFi ecosystem are simplified and efficient. Tezos is an exemplary system with features and tools which have enabled innovative application designs not possible on other networks,”
Alessandro De Carli, Founder at Papers
De Carli also pointed out that the launch of USDT on Tezos will “undoubtedly unlock new DeFi products and I expect the impact on volume growth of the Tezos DeFi ecosystem to be remarkable.”
“The launch of USDt on Tezos will further highlight Tether’s dedication to pioneering collaboration and interoperability within the growing digital asset space. Tezos has a growing DeFi ecosystem which includes yield farming protocol Youves, decentralized exchange and EVM bridge Plenty, and more. Upon launch, Tether will be the largest stablecoin by market capitalization available within the network.”
Tether
Tezos is a unique network in the blockchain space, with nine upgrades, it is the only layer one blockchain network to successfully evolve and upgrade over time without relying on hard forks. The upgrades on its system have decreased gas costs, increased transaction speed, and most recently; they noted that such upgrades even replaced Tezos’ consensus mechanism with Tenderbake, a modified BFT algorithm similar to Cosmos’ Tendermint.
Moreover, Tezos is known to be an ecofriendly network with its Proof-of-Stake (PoS) blockchain type that uses more than 2 million times less energy to operate than Proof-of-Work blockchains such as Bitcoin or Ethereum. Tezos is set to continue its unprecedented track record with its next update which will introduce enshrined optimistic roll-ups to the leading PoS network. (Read more: PwC Report: Tezos Blockchain Records 70% Increase in Energy Efficiency in 2021)
This article is published in collaboration with TZ APAC: Stablecoin Tether (USDT) on Tezos Blockchain Now Available
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.
