Tether (USDT), the world’s largest stablecoin with a market capitalization of over $82 billion goes live on the Kusama network.
Kusama is a canary network for Polkadot and an experimental platform that enables Kusama community members; to build and test parachains, parathreads, decentralized applications (DApps), and other Kusama-specific features.
The Polkadot “canary network” is the company’s first step toward creating a digital currency; that can operate in any jurisdiction and across borders.
The pioneer dollar-pegged stablecoin has now been brought to yet another blockchain.
“Kusama is the most advanced blockchain ecosystem available today; and we’re happy to be a part of it,” says Paolo Ardoino, CTO at Tether.
“This launch will help us further our mission to provide dollar stability for decentralized finance (DeFi) protocols and platforms.”
Kusama joins this list as the eleventh network.
Kusama is a Polkadot parachain that focuses on canary network releases, experimental features, and emerging technologies.
Tether’s launch on Kusama will enable decentralized applications (DApps) to access its dollar-pegged stablecoin in a highly scalable manner.
The Polkadot network, comprises of a multi-chain architecture based on the Interplanetary File System (IPFS), runs experimental projects.
Statemine is the first parachain of the Kusama network, which is a scalable multi-chain network of specialized blockchains.
Tether’s USDT stablecoin is the first to be available on Kusama.
As such, Kusama users will now be able to use USDT to power transactions within; DApps built on Kusama, as well as other parachains that support the ERC.
Tether states that it will be utilizing the USDT to power transactions on Kusama’s Statemine parachain.
Statemine is a sort of “public-good parachain” that allows for balance maintenance of all the fungible and non-fungible tokens created throughout the network.
Developers may build different assets, including tokenized artworks, with Statemine.
The parachain has aided the Kusama network’s scalability and security; by allowing it to be more scalable and secure.
It’s also important in terms of blockchain interoperability.
Tether’s debut on Kusama is a major achievement for the stablecoin and cryptocurrency platform.
It’s a step that will let developers use the blockchain to its full potential by allowing them to embrace interoperability.
“We’re pleased to announce the launch of USD$ on Kusama, giving its members access to the most; liquid, stable, and trusted stablecoin in the digital token industry,” Tether CTO Paolo Ardoino states in the release.
“Kusama is a perfect expression of the idea that decentralized, permissionless ecosystems are essential.
It’s a platform designed to put users in control and we’re happy to become an important part of its expanding ecosystem.”
Developers may now use USDT to create trustless applications that are usable across blockchains, thanks to its flexibility and accessibility.
The price of Kusama Corporation (KSM) was approximately $161 at the moment of writing, up around 4.1% in the previous 24 hours.
The Kusama network is a proof-of-stake parachain testnet for Polkadot that launched in September of 2020.
Kusama is suppose to be a wilder version of Polkadot, allowing for more experimentation. Kusama currently has nearly 10,000 validators.
Tether is the largest stablecoin by market capitalization and is backed 1:1 by the US dollar.
Tether claims that its USDT token is equal to the dollar and can be redeemed for one US dollar per token.