Tether has launched USDT on Polkadot’s Kusama network. The stablecoin is now available on several networks, and the company’s executives believe that this will help decentralized application development.
Tether’s USDT stablecoin was launched on Polkadot’s Kusama network, according to a post published on April 13. Kusama is the latest network on which USDT is available, joining a list that includes Ethereum, TRON, Algorand, and EOS. USDT will be on the first parachain on the Kusama network, the Statemine.
Saying that the “addition of Tether tokens to the Kusama network is a milestone moment,” Tether celebrates the potential it offers to decentralized applications making use of stablecoins across multiple networks. It guarantees a “smooth interoperable experience for its users based on its dedication to multi-chain accessibility,” so that anyone can build anywhere.
Tether is now available on several networks, and it is furthering its position as the market’s most widely used stablecoin. There is currently over $80 billion in USDT in circulation — something which has drawn criticism from the crypto community.
Tether’s Chief Technology Officer Paolo Ardoino was excited about the launch, saying,
“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.”
Tether has been in the news for several reasons, and this has been going on for years. It is no stranger to controversial headlines, though it does not seem to have slowed down its progress as a major stablecoin. The company has also been making an effort to comply with regulations.
Tether says it will reduce commercial debt holdings
CNBC reported on April 13 that Tether was intending to reduce its holdings of commercial debt in its reserves. Ardoino was interviewed by the media outlet, where he revealed the development. The stablecoin company has been under the scanner for its commercial debt holdings, because it did not say which company’s corporate debt it held.
Tether’s commercial holdings now account for a little over 30%, down from 44% in Q3 2021. The money has been moved to U.S. Treasury, Ardoino said. Tether’s reserves continue to receive scrutiny, as investors are concerned about how much and what exactly backs Tether’s staggering market capitalization.
Tether and other stablecoins may see a spurt in growth as the world’s largest asset manager, BlackRock, is studying stablecoins and digital assets. Chairman Larry Fink said so in a shareholder letter.