Dollar Tether (USDT) Launches on Polkadot Blockchain (DOT)
The issuer of the largest stablecoin in the cryptocurrency market is announcing the launch of the dollar asset on the Polkadot (DOT) blockchain.
In a company blog post, USDT issuer Tether says that the largest stablecoin is now available on the Polkadot blockchain as a means of increasing its presence in decentralized ecosystems.
According to Tether, the launch of USDT on Polkadot will alleviate the potential negative impacts of market volatility on the stablecoin while providing a solid currency, with dollar parity, to generate income and transfers on and off the blockchain. .
In a note, Tether CTO Paolo Ardoino said: “Polkadot is on a trajectory of growth and evolution this year and we believe the addition of Tether will be essential to help it continue to thrive.”
USDT is now present on 11 networks including Ethereum (ETH), Solana (SOL), Avalanche (AVAX), Algorand (ALGO) and Near Protocol (NEAR), according to the press release.
Dan Reecer, director of growth at Polkadot’s financial center Acala (ACA), says the move makes USDT compatible with DOT’s many parachains and decentralized applications (DApps).
“USDT can now be natively coined in Polkadot. Appearing as AcalaNetwork and Centrifuge, and general-purpose EVM (Ethereum Virtual Machine) chains such as MoonbeamNetwork and AstarNetwork, can now integrate native USDT into their parachain and/or DApp ecosystem alongside substrate-native aUSD.”
Tether’s announcement comes as USDT whales and sharks intensify their activity. According to market intelligence firm Santiment, addresses holding between $100,000 and $10 million have already collected nearly $450 million dollars from the stablecoin in less than two months.
“While cryptocurrencies remain volatile like stocks and brace for further rate hikes [de juros do Fed], purchasing power is gradually recovering among the large USDT addresses. Addresses with $100,000 to $10 million have added 4.03% more to their portfolios in the last seven weeks, 1.12% of the total supply.”