The largest stablecoin Tether (USDT) has issued tokens based on Polkadot. The USDT issuer’s statement notes that Polkadot is one of the most popular ecosystems on which Web3 projects are based.
To empower their users, Tether decided to issue stablecoins on this blockchain. According to Tether CTO Paolo Ardoino, the launch of USDT on Polkadot will help the network grow.
We are excited to release USDT and offer the community access to the most liquid and reliable coin. This year, Polkadot is showing good growth rates, and we believe that the launch of Tether will help this project flourish.
The capitalization of USDT on September 26 came close to $70 billion.
This stablecoin continues to hold the lead in the ranking of fiat-backed digital currencies. Its closest competitor is USDC, which has an offer of just over $49.381 billion. Tether has deployed tokens on more than ten blockchains, including Kusama, Ethereum, Solana , Algorand, Tron, Omni, and NEAR.