Tether (USDT), the platform on which the world’s most popular stablecoin, USDT is built, has announced the introduction of USDT on the Tezos blockchain network in an effort to broaden its scope. Tether’s market cap has risen as a result of the move, and it is now estimated to be worth $80 million. Tezos, unlike many early Blockchain networks that use a proof of work process, uses a proof of stake system.
Tether’s USDT, which is currently available on 12 blockchain networks, is a welcome addition to the $80 billion Tezos ecosystems. USDT on Tezos will power groundbreaking applications in payments, DeFi, and other areas. USDT has made ripples in the crypto world as the largest stablecoin, and it has taken another step forward in its grandeur by joining the Tezos proof of stake network.
A Long-Term Growth Plan?
Tezos, which was introduced in 2018, has risen to number 33 on the list of the world’s largest currencies. According to Paolo Ardoino, Tether’s CTO, the collaboration with USDT is likely to spark even more growth. It is currently the only proof-of-stake network that does not require hard forks, making it the world’s first self-amending blockchain.
Paolo Ardoino, CTO at Tether, said, “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.”
The problem of de-pegging stablecoins has been a big topic of debate in light of the current status of the crypto market, which has seen massive drops in cryptocurrencies and stablecoins. Tether isn’t immune to the unsettling state of affairs. According to available data, the currency lost 5% of its value after reaching a low of $0.95 but has since rebounded by a slim margin to $0.98.