Tether (USDT), whose market capitalization of over $82 billion makes it the world’s largest stablecoin, has launched on the Kusama network.
Polkadot’s launch of “Canary Network” brings the pioneering dollar-pegged stablecoin to another blockchain.
Currently, USDT is active on ten major blockchain platforms, including Ethereum, Tron, Solana, EOS, Liquid Network, Omni, Algorand, and Bitcoin Cash standard ledger protocol.
Powering transactions at Kusama’s Statemine
Kusama, a scalable multi-chain network of specialized blockchains, provides a platform on which developers in the Polkadot ecosystem can run experimental projects. The network’s first parachain, which is an individual blockchain running in parallel within the wider Polkadot ecosystem, is Statemine.
USDT will now be used to drive transactions on Kusama’s Statemine parachute, Tether said in an announcement.
Statemine is a kind of “public good parachute” designed to allow the balance of all fungible and non-fungible tokens deployed on the network to be maintained. With Statemine, developers can deploy various assets including tokenized art and stablecoins.
Most importantly, the parachain has helped bolster the scalability and security of Kusama’s network. It is also essential to improve the interoperability of blockchains.
Beneficial for developers
The launch of Tether on Kusama is a milestone for both the stablecoin and the cryptocurrency platform. It is a move that is set to open up the blockchain to developers, allowing them to explore interoperability to the fullest.
“We are excited to launch USD₮ on Kusama, offering its community access to the most liquid, stable and reliable stablecoin in the digital token space,” said Tether CTO Paolo Ardoino in the statement.
“For those who believe in the importance of permissionless and decentralized ecosystems, Kusama is a perfect representation of that spirit. It is a platform built to put control in the hands of its users and we look forward to becoming a key asset in its growing ecosystem.”
With USDT’s ease of use and accessibility, developers can now leverage multi-chain capability and build trusted applications that can be used across all blockchains.