Tether Operations Limited, the operator of Tether.io, has announced the launch of USDT on Polkadot’s canary network – Kusama.
According to the company, this move will allow developers to create trustless applications across networks, communities, and chains.
According to the release shared with CryptoPotato, USDT will be deemed with the asset ID 1984 and utilized to power transactions on Kusama’s first parachain – Statemine at launch.
Parachain allows the deployment of assets such as tokenized artwork and stablecoins within the Kusama network to provide cost-effectively and addresses concerns about security, scalability and interoperability.
This latest addition is seen as a significant milestone in an increasing number decentralized applications that seek stablecoins that can be used across multiple networks. Currently, USDT is available on ten networks, including Ethereum, Solana, Omni, Tron, Algorand, Liquid Network, EOS, and Bitcoin Cash’s Standard Ledger Protocol.
Paolo Ardoino (CTO at Tether) stated that the development was a success.
“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.
Kusama is the perfect example of those who believe in decentralized, permissionless ecosystems. 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.”
The announcement also states,
“This announcement further solidifies Tether’s position as the most widely adopted stablecoins, having pioneered the concept in the digital token space.”
Tether’s Tangle With Regulation
USDT’s issuer has been repeatedly indicted for mismanagement and misleading its users about its reserves.
Recently, two plaintiffs in the US District Court for the Southern District of New York filed an action against the company for class-action for misleading consumers about the sufficiency of USDT Reserves and the content of those reserves. Tether dismissed the lawsuit and claimed it was “nonsense” and “a copycat.”
USDT is worth more than $82 billion at the time of writing. It is also a staple in the DeFi ecosystem.
Even as it continues to be the world’s largest and widely used stablecoin, the legal hurdles have spurred the need for alternatives while its market share dwindles. Its closest rival – Circle’s USDC – has experienced a massive increase in supply and currently stands at over a $50.6 billion market cap.