Tether is now on Kusama

Tether tokens have now launched on the Kusama network (KSM/USD). At launch, the Tether token will be used to power transactions on Kusama’s Statemine parachain under asset ID 1984, Invezz learned from a press release.

The first parachain on Kusama  

Kusama is a scalable network of specialized blockchains and Statemine is its first parachain. Parachains are individual blockchains that run parallel within the Polkadot (DOT/USD) ecosystem. Statemine is a parachain created for the public good, intended to keep the balance between thousands of different fungible and non-fungible tokens.

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Providing the functionality to deploy all assets

Statemine can deploy anything from tokenized artwork to stablecoins on Kusama, offering lower fees and a better experience compared to other existing solutions. This way, Statemine addresses blockchain problems such as scalability, security, and interoperability.

A crucial milestone for Tether

This addition is a milestone for Tether. Tether ensures access to the biggest, most transparent option in crypto with an increasing number of decentralized applications seeking stablecoins that operate across numerous networks.

Tether guarantees users a seamless interoperable experience, being dedicated to multi-chain accessibility. This makes it possible for anyone to build anywhere.

Developers can compose trustless apps across networks, communities, and chains with the launch of Tether on Kusama. Paolo Ardoino, CTO at Tether said:

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. For those who believe in the importance of decentralized, permissionless ecosystems, Kusama is a perfect representation of that ethos. 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 reigning champion of stablecoins

Tether is the largest stablecoin by market cap with more than $82 billion. This increased by $56 billion since January 1, 2021.  

The launch on Kusama augments Tether’s position as the most widely adopted stablecoin, which was a pioneer of the concept in the industry. Tether is live on Ethereum, EOS, Liquid Network, Solana, Algorand, Omni, Tron, Bitcoin Cash’s Standard Ledger Protocol, and more.