- Tether is expanding its USDT stablecoin to the Tezos blockchain
- Tezos is a PoS smart contracts platform that’s notable for its governance and upgradeability
- USDT is the largest stablecoin by market capitalization
USDT is coming to the Tezos blockchain
Stablecoin issuer Tether is bringing the highly popular USDT to the Tezos blockchain, making the stablecoin available on 12 different blockchain networks. Tether was initially launched on top of the Bitcoin blockchain via the Omni Layer, and was later expanded to Ethereum and other blockchains as well.
Tezos is a Proof-of-Stake blockchain platform that’s notable for its on-chain governance and ability to be upgraded without requiring hard forks. Tezos also has smart contract capabilities, and has achieved some notable traction as an environmentally-friendly platform for non-fungible tokens (NFTs).
The Tezos mainnet launched in September of 2018 after the project raised over $200 million in one of the most successful initial coin offerings (ICOs) of all time. The platform’s native asset XTZ currently has a market capitalization of just below $2 billion.
Tether CTO Paolo Ardoino commented on USDT’s launch of Tezos, saying that it will contribute to the platform’s long-term growth:
“We’re excited to launch USDt on Tezos, offering its growing and vibrant community access to the most liquid, stable, and trusted stablecoin in the digital token space. Tezos is coming fast onto the scene and we believe that this integration will be essential to its long-term growth.”
Besides NFTs, Tezos is also used for decentralized finance (DeFi) protocols, where stablecoins can provide a great deal of utility. Currently, the largest DeFi protocol on Tezos is the synthetic asset platform Youves.
According to a press release by Tether, USDT is poised to become the largest stablecoin on Tezos once it becomes available on the platform. However, it’s unclear how many USDT tokens will be made available on Tezos at launch.
With a market cap of $83.1 billion, USDT is the largest stablecoin by market capitalization and the third-largest crypto asset overall.