Tether Launches USDT Stablecoin on Tezos Blockchain

The world’s largest stablecoin by market capitalization, USDT, will be available in the Tezos blockchain based on the Proof-of-Stake consensus mechanism.

Tether Limited announced that it has expanded the list of blockchains supporting its stablecoin. The Tezos blockchain, which has been added to the list, focuses on the creation of smart contracts and decentralized applications (dApps). With the addition of Tezos, the USDT ecosystem is now available on 12 different networks, including Etherium (ETH), Solana (SOL), Polygon (MATIC), Tron (TRX) and Algorand (ALG). Tether Chief Technology Officer Paolo Ardoino said that the growing and dynamic Tezos community will now be able to seamlessly use the USDT stabelcoin for transactions on its network. According to the senior executive, Tezos is indeed growing rapidly and Tether believes that the integration will be significant in the long run.

Tezos runs on XTZ, a proprietary cryptocurrency network created through a process called “baking,” a process similar to steaming in other PoS networks, where asset holders can put their coins to get rewarded for signing and adding blocks. Tezos currently has a market capitalization of about $1.9 billion, according to CoinMarket Cap, which ranks its XTZ token 33rd among digital currencies. Earlier, Tether launched a new stable cryptocurrency, MXNT, pegged to the Mexican peso, which can be moved between Polygon, Etherium, and Tron blockchains. The launch is related to the company’s plans to expand its business in Latin America.

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