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- The largest stablecoin by market cap, Tether (USDT) launches on Kusama, the canary network of the Polkadot.
- Important upgrades and experiments first happen on the Kusama network before they are deployed on the Polkadot network.
- Further, the USDT launch will power the transactions on the Kusama’s Statemine, equivalent to the Polkadot’s Statemine.
Leading stablecoin Tether (USDT) is all set to launch on Polkadot’s canary network, Kusama.
What Does USDT’s Launch on Kusama Network Mean?
With a market cap of over $80 billion, USDT is the largest and most significant stablecoin in the crypto world today. Now, the largest stablecoin is ready to launch on Kusama.
Kusama is built on Substrate and has a mutual codebase with Polkadot. The launch of the leading stablecoin on Polkadot’s canary network is nothing less than a milestone. The move makes space for more funds to enter into the growing ecosystem, laying the foundation for the launch of stablecoin on Polkadot in near future.
Public affairs Head at developers of Polkadot, Parity Technologies, Peter Mauric commenting on the launch said that the Kusama and Polkadot share similar goals of accessibility and interoperability since they both are working on para chain-specific stablecoin projects.
What Will Change After USDT’s Launch?
Consider Kusama as a ‘test network’ where all experiments and innovations take place before they are run on the Polkadot network, which is more conservative in nature.
It is also important to note that although Kusama can be considered a test network, the capital and risks on the network are completely real. This could be proved by the fact Kusama has a market cap of over $1.4 billion, as per the data from CoinGecko.
The asset tag of USDT at the time of launch will be helpful for rule-operating relay chains of Kusama and Polkadot to identify tokens excluding DOT and KSM, their native crypto assets.
Moreover, the transactions on the Kusama’s Statemine, equivalent to the Polkadot’s Statemine, will be powered by USDT. Statemine is referred to as a “public-good para chain” which is needed for asset deployment and for balancing non-fungible tokens (NFTs) and Fungible ones deployed on various blockchains.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
