- On Tuesday, Tether announced the launch of its USDT on the Polkadot and Kusama networks; no official launch schedule reported yet
- Tether CTO said, Tether will be launched soon after the Statement parachain is launched
- USDT’s market capitalization exceeds $43B, with the highest supply volume of around $23B at Ethereum
Tether announced its USDT, the world’s largest stablecoin, on the Polkadot and Kusama networks. Tether announced that no official launch schedule had been drawn yet since the parachains formation is still in progress.
The individual blockchains running parallel within the Polkadot ecosystem (Polkadot and Kusama) are called parachains. The platform provides them with the facility to interact with each other and external networks like Ethereum utilizing bridges. This flexibility helps check blockchain scalability, security, and interoperability.
Tether to Grace Kusama Before Polkadot
Tether will initially be made available on Kusama, Polkadot’s canary network. Kusama is designed using the blockchain development kit Substrate, with an almost identical codebase to Polkadot. The unaudited and unrefined wild cousin serves as a testing ground to help projects prepare for Polkadot deployment. Tether will be launched soon after the Statement parachain is launched, told Paolo Arduino, Tether CTO.
Parachain Statement Under-Progress
Last month, Polkadot developer Parity Technologies introduced a Statement to provide functionality for deploying assets on the Polkadot and Kusama networks and charge lower fees. The Statement is expected to launch “in the next few months”, but the “roadmap” hasn’t been finalized yet, and the project is still in its “planning stages”, said Paolo Ardoino. The CTO added that the team is also looking at Kusama, which theoretically enables them to test Tether on parachains even before the Statement is released.
USDT to the Blockchain Networks
Tether’s USDT launch on Kusama and Polkadot will raise the availability of the stablecoin to a total of 10 networks, which currently includes Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, Tron, and Bitcoin Cash’s Standard Ledger Protocol.
As is evident from the graphs, USDT’s market cap exceeds $43 billion. It first started in the market with Bitcoin back in mid-2017, enjoyed its maximum supply of $3.02 billion in the final quarter of 2018, and is now at a supply of $1.34 billion at Bitcoin.
Among all, Ethereum remains the most popular network for USDT. With the rise initiating in the financial year 2019-20, now USDT worth around $23 billion has been issued on Ethereum. The Ethereum curve is closely followed by Tron, with the supply of around $20 billion. As for other markets, it has yet to establish its grip.
Progress with Polkadot
Tether now aims for USDT to be the first stablecoin on Polkadot. CTO Ardoino also supported the notion, saying he foresees their overall “growth” driven by Polkadot’s evident “high level of scalability”.
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