Tether launches USDT On Tezos To Unlock New DeFi Services

Tether launches USDT on Tezos in order to unlock new DEFI services and products so now the stablecoin can be found on the PoS Tezos blockchain and we are reading more about it in our latest Tether news.

Stablecoin operator Tether launches USDT on Tezos and announced it will be expanding the list of blockchain networks that support its flagship stablecoin USDT to the Tezos network in order to create smart contracts and dapps. With the addition of Tezos, the USDT ecosystem is available on1 2 various networks like Tron, Solana, Ethereum, ALGO, and now most recently, Polygon. The CTO Paolo Ardoino added:

“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.”

Tezos is powered by XTZ which is the network’s native cryptocurrency that was created via a process called baking. In most aspects, this process is similar to what is called staking on other PoS networks where all holders have the ability to stake their coins and get rewards for signing and publishing blocks. Launched in 2018, Tezos is referred to as the first self-amending blockchain that leverages a unique on-chain governance mechansim to automatically integrate new features without the need for hard forks whcih is an often a preferred method to deploy functionality that includes a different set of rules and requires many upgrades, making the blocks and transactions incompatible with a new version of the protocol.

The unique features help Tezos become a platform of choice for many brands and institutions that seek opportunities in the DEFI space. Tezos’ growing DEFI ecosystem includes yield farming protocol Youves which is a decentralized exchange and EVM bridge Plenty as well as automated market maker Vortex. One of the few advantages of having USDT on TEzos according to the founder of Papers, Alessandro de Carli, is the interaction standard for Tezos dapps and whales and that It is on an off-ramps in the TEzos DEFI space whcih will become more simple and efficient. De Carli added:

“The launch of USDT on Tezos will undoubtedly unlock new DeFi products and I expect the impact on volume growth of the Tezos DeFi ecosystem to be remarkable.”