Tether Announces Tezos Stablecoin To Enable Additional DeFi Products

The USDT ecosystem is currently available on 12 different networks, including Ethereum (ETH), Tron (TRX), Solana (SOL), Algorand (ALG), and the newly introduced Polygon (POLY) (MATIC).

Tezos became a platform of choice for many businesses and institutions looking for opportunities in the realm of decentralized finance as a result of these unique qualities (DeFi).

Baking is comparable in many ways to staking on other PoS networks, where holders can stake (bake) their currencies in exchange for rewards for signing and publishing blocks. Tezos is the 33rd-largest digital currency, according to CoinMarketCap, with a market capitalization of almost $1.9 billion.

The Tezos proof-of-stake blockchain now supports Tether’s USDT, the world’s largest stablecoin by market capitalization. Tether, the stablecoin operator, announced today that Tezos, a proof-of-stake (Pos) platform for generating smart contracts and decentralized apps, has joined the roster of blockchain networks that support its flagship stablecoin USDT (dApps).

Tezos And DeFi Are Two Of The Most Popular Cryptocurrency Exchanges In The World

The USDT ecosystem is currently available on 12 different networks, including Ethereum (ETH), Tron (TRX), Solana (SOL), Algorand (ALG), and the newly introduced Polygon (POLY) (MATIC). We’re thrilled to bring USDT to Tezos, providing the most liquid, reliable, and trusted stablecoin in the digital token industry to its burgeoning and dynamic community, says the company. Tether’s CTO, Paolo Ardoino, stated in a statement. Tezos is quickly gaining traction, and we believe it will succeed.

Tezos is powered by XTZ, the network’s native coin, which was created through a baking process. Baking is comparable in many ways to staking on other PoS networks, where holders can stake (bake) their currencies in exchange for rewards for signing and publishing blocks. Tezos is the 33rd-largest digital currency, according to CoinMarketCap, with a market capitalization of almost $1.9 billion.

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Tezos Market Capitalization Of Almost $1.9 Billion

Tezos, which was launched in 2018, is sometimes referred to as the first self-amending blockchain because it uses its unique on-chain governance mechanism to automatically integrate new features without the need for hard forks—a popular method of introducing new functionality that introduces a new set of rules and requires software upgrades, rendering previous blocks and transactions incompatible with a new version of the protocol.

Tezos became a platform of choice for many businesses and institutions looking for opportunities in the realm of decentralized finance as a result of these unique qualities (DeFi). Youves, a yield farming protocol, Plenty, a decentralized exchange and EVM bridge, and Vortex, an automated market maker, are all part of Tezos’ developing DeFi ecosystem.

According to Alessandro De Carli, creator of Papers, the firm behind Beacon, the interaction standard for Tezos dApps and wallets, one of the benefits of having USDT on Tezos is that on and off ramps into the Tezos DeFi ecosystem will become more straightforward and efficient. The debut of USDT on Tezos will surely open new DeFi products, and I anticipate a significant impact on the Tezos DeFi ecosystem’s volume growth, De Carli noted.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing