Tether Operations Limited, the company that is responsible for the creation of the Tether stablecoin, has announced that it will deploy Tether tokens on the Tezos blockchain. As a result of this step, the Proof-of-Stake blockchain will be able to be upgraded in the future. USDt on Tezos will power breakthrough applications across payment systems, DeFi and other domains. Adding USDt to Tezos shows that the Proof-of-Stake blockchain’s momentum is expanding. Furthermore, PoS is becoming the top choice for companies and institutions eager to jumpstart the Web3 revolution.
Why this is a great match
With nine upgrades, Tezos is the only tier one network in the blockchain industry that has been able to successfully evolve and update without using hard forks. As a result of USDt’s transfer to Tezos, the world’s largest stablecoin by capitalisation is now available on 12 blockchains. The Tezos launch of USDt will further demonstrate Tether’s commitment to pioneering collaboration and interoperability in the rapidly expanding digital assets industry.
“With the introduction of USDt, on and off ramps into the Tezos DeFi ecosystem are simplified and efficient. Tezos is an exemplary system with features and tools which have enabled innovative application designs not possible on other networks,” said Alessandro De Carli, Founder at Papers.
Tezos’ DeFi ecosystem includes Youves, a decentralized exchange and EVM bridge, and more. Tezos’s updates have resulted in cheaper gas prices and a smaller carbon footprint. The most recent of these upgrades has even seen the cryptocurrency’s consensus mechanism replaced with Tenderbake.
Stablecoins are critical to the growth and adoption of cryptocurrencies and blockchain technology as a whole. They protect investors from the volatility of the cryptocurrency market while allowing them to enjoy the benefits of decentralization. As a result, given Tezos’ efficiency, USDt’s switch to it will very certainly have a multiplier impact.