Tether (USDT), whose market capitalisation of over $82 billion makes it the world’s largest stablecoin, has launched on the Kusama network.
The launch on Polkadot’s “canary network brings the pioneer dollar-pegged stablecoin to yet another blockchain.
Currently, USDT is live on ten major blockchain platforms, including Ethereum, Tron, Solana, EOS, Liquid Network, Omni, Algorand, and Bitcoin Cash’s Standard Ledger Protocol.
Powering transactions on Kusama’s Statemine
Kusama, a scalable multi-chain network of specialised blockchains, provides a platform upon which developers in the Polkadot ecosystem can run experimental projects. The network’s first parachain, which is an individual blockchain that runs parallel within the broader Polkadot ecosystem, is Statemine.
USDT will now be used to power transactions on Kusama’s Statemine parachain, Tether said in an announcement.
Statemine is a sort of “public-good parachain” designed to allow for balance-keeping of all the fungible and non-fungible tokens deployed within the network. With Statemine, developers can deploy various assets, including tokenized artwork and stablecoins.
Mainly, the parachain has helped bolster the Kusama network’s scalability and security. It’s also instrumental in enhancing the interoperability of blockchains.
Beneficial to developers
Tether’s launch on Kusama is a milestone for the stablecoin as well as the cryptocurrency platform. It’s a move that’s set to open up the blockchain to developers, allowing them to explore interoperability to the fullest.
“We’re excited to launch USD₮ on Kusama, offering its community access to the most liquid, stable, and trusted stablecoin in the digital token space,” Tether CTO Paolo Ardoino said in the release.
He added:
“For those who believe in the importance of decentralized, permissionless ecosystems, Kusama is a perfect representation of that ethos. It is a platform built to put the control in the hands of its users and we are looking forward to becoming an essential asset in its growing ecosystem.”
With USDT’s usability and accessibility, developers can now tap into multi-chain capability and build trustless applications usable across blockchains.
Kusama (KSM) was trading at $161 at the time of writing, about 4.1% up in the past 24 hours.
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