Tether announced that it will launch its USDT on Polkadot and Kusama networks. Exact dates were not announced when Tether will use the Polkadot and Kusama blockchains for stable coin USDT.
Tether currently operates on blockchains such as Ethereum, EOS, Omni, and Tron.
Tether announced Tuesday that it will begin using Polkadot and Kusama blockchains to issue USDT. According to the block, the company will be using the Kusama network in the initial phase.
Many blockchain projects use Kusama to prepare before switching to Polkadot, as Kusama share almost the same code of Polkadot.
Likely to use statemin:
Tether plans to use parachain, called Statemint, which was designed by Parity Technologies for the stablecoins production.
Statemint was introduced last month by Polkadot developer Parity Technologies. It would provide functionality for deploying assets such as stablecoins in the Polkadot and Kusama networks and help end-users with lower fees. Tether CTO Paolo Ardoino explained that they would wait for Statemint to be ready.
Development work for Statemint is expected to “take several months.”.
The company could start doing some test work on the Kusama network.
Tether CTO Paolo Ardoino Said:
We also continue to look at Kusama, said Ardoino. Kusama would theoretically allow us to start experimenting with supporting Tether on parachains even before Statemint is officially live.
In total, USDT, works with with 10 different blockchains, has a total market capitalization of more than $43 billion.
5th largest by market capitalization, Polkadot was trading at $44.58 at the time of writing.