Tether has been making several big moves lately despite recent concerns about the ripple effects of the Terra UST stablecoin collapse. Now the leading stablecoin has officially launched on yet another blockchain.
Tether Now Available On 12 Blockchains, Launches On Tezos
Tether, the largest stablecoin and third-largest crypto by market cap has officially launched on the Tezos blockchain. The launch means that the leading stablecoin is now available on 12 blockchain networks.
It is worth noting that the stablecoin launched on Ethereum Layer 2 protocol Polygon just days ago. The stablecoin issuer reportedly plans to launch on every blockchain network and Layer 2 protocol.
“We’re excited to launch USD₮ on Tezos, offering its growing and vibrant community access to the most liquid, stable, and trusted stablecoin in the digital token space,” said Tether CTO Paolo Ardoino on the latest expansion, according to the press release. Ardoino went on to add, “Tezos is coming fast onto the scene and we believe that this integration will be essential to its long-term growth.”
Tezos is a proof-of-stake (POS) blockchain network that has recently gained popularity for its ability to undergo upgrades without hard forks. The network has also secured several partnerships lately, with maybe the most notable deal with English football club Manchester United.
“With the introduction of USD₮, on and off-ramps into the Tezos DeFi ecosystem are simplified and efficient. Tezos is an exemplary system with features and tools which have enabled innovative application designs not possible on other networks,” said Alessandro De Carli, Founder at Papers, the creators of Tezos wallet AirGap. “The launch of USD₮ on Tezos will undoubtedly unlock new DeFi products and I expect the impact on volume growth of the Tezos DeFi ecosystem to be remarkable.”
Tether Making Moves Despite Recent Concerns
May was a month to remember for the entire crypto ecosystem, especially for stablecoins. The collapse of the Terra ecosystem as a result of the de-pegging of its algorithmic stablecoin UST not only wiped away investors’ monies but also raised many questions about the stability of stablecoins.
Consequently, the resulting panic saw the leading stablecoin Tether temporarily lose its peg across major exchanges. Since the UST collapse, Tether has had to redeem over $10 billion USDT tokens, a feat several pundits have lauded as a sign of the stablecoins reliable backing.
Tether has not let any recent concerns hold it back as it continues to expand on different networks and increase its stablecoin offering. At the end of May, the company launched a Mexican peso-pegged stablecoin, increasing its stablecoin offering to four.