Key takeaways:
- Tether Operations Limited (“Tether”) is launching its USDT stablecoin is on the Tezos blockchain
- Tezos is a popular Proof-of-Stake smart contact platform launched in September 2018
- With $83 billion in market cap, USDT is the world’s largest stablecoin, ahead of the second-palced USDC by roughly $30 billion
The largest stablecoin in the industry is coming to Tezos
Tether Operations Limited, the issuer and operator of the world’s largest stablecoin Tether (USDT), has announced the expansion of its flagship stable digital currency to Tezos, a rapidly growing Proof-of-Stake (PoS) blockchain. With the launch on Tezos (XTZ), USDT will provide liquidity on 13 crypto networks, including Ethereum, Avalanche, and Bitcoin’s Omni layer, to name a few.
Tezos is a decentralized open-source smart contract platform that allows developers to build decentralized applications (dApps) using a modular approach, making the development process more efficient and faster. According to DeFi research platform DeFiLlama, Tezos’ TVL (total value locked) increased by 11% to $60.8 million in the last 7 days. Synthetic asset management protocol Youves (YOU) is the most popular app on Tezos, with a TVL of $22.3 million.
Tether CTO Paolo Ardioni had this to say about USDT’s expansion to a new network:
“We’re excited to launch USD₮ 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.”
The announcement of USDT launching on Tezos comes roughly two weeks after the stablecoin giant unveiled it is expanding to Polygon. Tether’s main fiat-based stablecoin competitor Circle quickly followed suit and added Polygon support for its USD Coin (USDC) earlier this week.
USDT is the largest stablecoin in the space, boasting a market capitalization of more than $83 billion. For context, the second largest stable digital asset USDC boasts a market capitalization of over $53 billion.
