Tether Launches Stablecoin on Tezos, Paving Way for New DeFi Products - Tether (USDT), the world's largest stablecoin by market cap, is now available on the Tezos blockchain.

    In recent weeks, Tether has continuously expanded to numerous blockchains that support USDT. In the past month alone, the supply of USDT has dropped by about $7 billion, according to data from The Block. Accordingly, Tezos is the 12th blockchain that officially supports USDT after Ethereum, Solana, Avalanche, Algorand, Tron, Omni, EOS, Liquid Network, Kusama, Bitcoin Cash, and Polygon (MATIC).

    “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”, CTO at Tether Paolo Ardoino said.

    Tezos has seen impressive growth over the past 12 months in smart contract addresses and general adoption, mainly driven by NFT. With a market capitalization of nearly $1.9 billion, Tezos is currently the 33rd largest coin, according to CoinMarketCap.

    Launched in 2018, Tezos is also known as the first “self-amending” blockchain, which leverages the unique on-chain governance mechanism to automatically integrate new features without hard fork like others. These unique features have made Tezos the top choice for many brands and companies looking for opportunities in the decentralized finance (DeFi) sector.

    According to Alessandro De Carli, Founder of Papers, the company behind Beacon, the interaction standard for dApps and Tezos wallets, one of the advantages of deploying USDT on Tezos, is that on and off ramps into the Tezos DeFi ecosystem will become simpler and more efficient. The launch of USDT on Tezos will pave the way for many DeFi products and hopefully this move will have a positive impact on the growth of the DeFi ecosystem on Tezos.

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