Follow Us

Tether Announces Tezos Stablecoin To Enable Additional DeFi Products

Share on facebook
Share on twitter
Share on linkedin

Share

cryptocurrency Bitcoin
Share on facebook
Share on twitter
Share on linkedin
  • The USDT ecosystem is currently available on 12 different networks, including Ethereum (ETH), Tron (TRX), Solana (SOL), Algorand (ALG), and the newly introduced Polygon (POLY) (MATIC).
  • Tezos became a platform of choice for many businesses and institutions looking for opportunities in the realm of decentralized finance as a result of these unique qualities (DeFi).
  • Baking is comparable in many ways to staking on other PoS networks, where holders can stake (bake) their currencies in exchange for rewards for signing and publishing blocks. Tezos is the 33rd-largest digital currency, according to CoinMarketCap, with a market capitalization of almost $1.9 billion.

The Tezos proof-of-stake blockchain now supports Tether’s USDT, the world’s largest stablecoin by market capitalization. Tether, the stablecoin operator, announced today that Tezos, a proof-of-stake (Pos) platform for generating smart contracts and decentralized apps, has joined the roster of blockchain networks that support its flagship stablecoin USDT (dApps).

Tezos And DeFi Are Two Of The Most Popular Cryptocurrency Exchanges In The World

The USDT ecosystem is currently available on 12 different networks, including Ethereum (ETH), Tron (TRX), Solana (SOL), Algorand (ALG), and the newly introduced Polygon (POLY) (MATIC). We’re thrilled to bring USDT to Tezos, providing the most liquid, reliable, and trusted stablecoin in the digital token industry to its burgeoning and dynamic community, says the company. Tether’s CTO, Paolo Ardoino, stated in a statement. Tezos is quickly gaining traction, and we believe it will succeed.

Tezos is powered by XTZ, the network’s native coin, which was created through a baking process. Baking is comparable in many ways to staking on other PoS networks, where holders can stake (bake) their currencies in exchange for rewards for signing and publishing blocks. Tezos is the 33rd-largest digital currency, according to CoinMarketCap, with a market capitalization of almost $1.9 billion.

ALSO READ – A Reward System Is On The Way In Shib Metaverse For Shiba Inu Holders

Tezos Market Capitalization Of Almost $1.9 Billion 

Tezos, which was launched in 2018, is sometimes referred to as the first self-amending blockchain because it uses its unique on-chain governance mechanism to automatically integrate new features without the need for hard forks—a popular method of introducing new functionality that introduces a new set of rules and requires software upgrades, rendering previous blocks and transactions incompatible with a new version of the protocol.

Tezos became a platform of choice for many businesses and institutions looking for opportunities in the realm of decentralized finance as a result of these unique qualities (DeFi). Youves, a yield farming protocol, Plenty, a decentralized exchange and EVM bridge, and Vortex, an automated market maker, are all part of Tezos’ developing DeFi ecosystem.

According to Alessandro De Carli, creator of Papers, the firm behind Beacon, the interaction standard for Tezos dApps and wallets, one of the benefits of having USDT on Tezos is that on and off ramps into the Tezos DeFi ecosystem will become more straightforward and efficient. The debut of USDT on Tezos will surely open new DeFi products, and I anticipate a significant impact on the Tezos DeFi ecosystem’s volume growth, De Carli noted.

Download our App for getting faster updates at your fingertips.

en_badge_web_generic.b07819ff-300x116-1

We Recommend

Top Rated Cryptocurrency Exchange

Welcome Back!

Login to your account below

Retrieve your password

Please enter your username or email address to reset your password.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?
-
00:00
00:00
Update Required Flash plugin
-
00:00
00:00