Tether (USDT) launches on Kusama

 

Tether (USDT), whose market capitalization of over USD 82 billion makes it the largest stablecoin in the world, was launched on the Kusama network.

Launch on Polkadot's "Canary Network" brings the pioneering dollar-pegged stablecoin to yet another blockchain.

Currently, USDT is live on ten major blockchain platforms including Ethereum, Tron, Solana, EOS, Liquid Network, Omni, Algorand, and Bitcoin Cash's standard ledger protocol.

Driving transactions on Kusama's Statemine

Kusama, a scalable, multi-chain network of specialized blockchains, provides a platform for developers to run experimental projects in the Polkadot ecosystem. The network's first parachain, which is a single blockchain running in parallel within the broader Polkadot ecosystem, is Statemine.

USDT will now be used to power transactions on Kusama's Parachain Statemine, Tether said in an announcement .

Statemine is a type of "public good parachain" designed to keep the balance between all fungible and non-fungible tokens deployed within the network. Statemine allows developers to deploy various assets including tokenized artworks and stablecoins.

Mainly, the parachain has helped strengthen the scalability and security of the Kusama network. It is also instrumental in improving blockchain interoperability.

Beneficial for developers

The launch of Tether on Kusama is a milestone for both the stablecoin and the cryptocurrency platform. It's a move meant to open up the blockchain for developers to explore interoperability to the fullest.

“ We are excited to launch USD₮ on Kusama and provide its community with access to the most liquid, stable and trusted stablecoins in the digital token space, ” said Paolo Ardoino, CTO of Tether, in the press release.

He added:

“ For those who believe in the importance of decentralized, permissionless ecosystems, Kusama is a perfect representation of that ethos. It's a platform designed to put control in the hands of its users, and we look forward to becoming an integral part of their growing ecosystem ."

With USDT's ease of use and accessibility, developers can now take advantage of multi-chain capability and build trusted applications that can be used across blockchains.

Kusama (KSM) is trading at $161 at the time of writing, up about 4.1% over the past 24 hours.

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