Tether Reveals USDT Stablecoin Is Now Supported by Polkadot
Tether is now live on 15 different blockchain networks, according to the company’s latest announcement on Friday as the firm detailed that it is now supported by the Polkadot blockchain system. The stablecoin’s new support follows the token being added to the Near Protocol 11 days ago. The news further follows Tether being ordered by a New York judge to produce financial documents last Tuesday. Polkadot Blockchain Ecosystem Adds Tether
Just recently Tether Operations Limited announced that it was added to the Near Protocol on September 12 and 11 days later, the stablecoin firm revealed it is now hosted on the Polkadot blockchain.
Polkadot (DOT) is an open source distributed ledger project that connects blockchains, decentralized finance (defi), and the Web3 ecosystem. Tether manages the largest stablecoin asset worldwide as it commands a $68.24 billion market valuation on September 23.
Out of the $963.16 billion crypto economy today, USDT dominates by 7.078% of that value. On Friday, Tether said the addition of USDT to the Polkadot blockchain ecosystem is “another milestone” for the stablecoin issuer.
After being added to the Near Protocol and Polkadot Polkadot blockchain ecosystem, USDT is now hosted on 15 different blockchain networks. In a note sent to Bitcoin.com News, Paolo Ardoino, the CTO at Tether said the company is “delighted” to launch tether on the Polkadot blockchain network.
“Polkadot is on a trajectory of growth and evolution this year and we believe Tether’s addition will be essential in helping it continue to thrive,” Ardoino noted. In the last 30 days statistics show that tether’s market cap grew by 0.8% and on Friday, USDT commands $45.51 billion of the $81.84 billion in global crypto trade volume.
Tether’s volume equates to 55.60% of the $81.84 billion in swaps today and 62% of all BTC trades today are paired with tether. The Polkadot blockchain support follows a New York judge ordering Tether Operations Limited to produce financial documents that show USDT’s backing.
The judge’s order stems from a class action lawsuit filed three years ago by five plaintiffs. The case further involves the law firm Roche Freedman LLP and just recently Tether’s lawyer said the law firm should be dropped from the case following the controversy surrounding Roche Freedman’s co-founder Kyle Roche. Tags in this story 15 blockchains, Algorand, Avalanche, BCH, bitcoin cash, British Pound, EOS, Ethereum, Kusama, Kyle Roche, liquid network, NEAR, omni, Paolo Ardoino, Polkadot, Polkadot Blockchain, Polygon, Roche Freedman LLP, Solana, Stablecoin, Stablecoin issuer, stablecoin USDT, Statemine, Tether, Tether stablecoin, tethers, Tezos, tron, USDT
What do you think about tether being added to the Polkadot blockchain ecosystem? Let us know what you think about this subject in the comments section below. Jamie Redman
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Github Partially Reinstates Tornado Cash Codebase, Open Source Code Set to Read-Only Mode NEWS | 1 hour ago Bitcoin Miner Marathon Digital"s Shares Downgraded After Compute North Files for Bankruptcy Protection NEWS | 5 hours ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBitcoin Miner Marathon Digital’s Shares Downgraded After Compute North Files for Bankruptcy Protection Next articleGithub Partially Reinstates Tornado Cash Codebase, Open Source Code Set to Read-Only Mode Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework
Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)"s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.Tony Hawk"s Latest NFTs to Come With Signed Physical Skateboards Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin