Tether (USDT), the largest of the stablecoins with a market capitalization of over $80 billion, has been launched on Kusama – a system of parallel blockchains that serve as Polkadot’s “canary network”.
Stablecoins are a hot topic right now, with recent news that BlackRock, the world’s largest asset manager, is interested in USDC, Tether’s closest rival in terms of circulating supply. (USDC is also slated to roll out in the Polkadot ecosystem.)
Peter Mauric, head of public relations at Parity Technologies, developer of Polkadot, said the addition of USDT is an important milestone for Kusama as both networks already have parachain-specific stablecoins.
“Different builders and institutions have their own preferences in terms of the technology systems and products they communicate with, and there is a lot of room for a lot of options in the crypto ecosystem,” Mauric said in a statement. Telegram messages. “The rollout of Tether on Kusama is a clear sign that they are interested in making it available to builders in the Polkadot ecosystem along with the Polkadot native options that are also launching.”
Important protocol upgrades and other innovations always happen first on the Kusama network before appearing on the Polkadot ecosystem. Kusama is named after polkadot-inspired artist Yayoi Kusama.
At launch, USDT will have an asset token that will allow Polkadot and Kusama’s rule-operated relay chains to recognize tokens other than their respective native cryptocurrencies, DOT and KSM.