Tether has announced that it will launch USDT on the Tezos network

 

The popular stablecoin Tether has announced that they will be launching on the Tezos blockchain. Tether Operations Limited, the company behind Tether (USDT), the world’s largest stablecoin by market capitalization, has announced its plans to launch USDT on the Tezos (XTZ) blockchain. This announcement now means that USDT is available on 12 blockchain networks, including Ethereum (ETH), Tron (TRX), and Binance (BNB). The stablecoin was launched on the Tezos network to “power revolutionary applications across payments, DeFi, and more.” according to Tether. “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,” Said Paolo Ardoino, CTO at Tether. “Tezos is coming fast onto the scene and we believe that this integration will be essential to its long-term growth.” Tether is currently the most widely used stablecoin with the most cryptocurrency pairs on exchanges, followed by USD Coin (USDC), the second most popular stabelcoin. By making Tether available on multiple blockchains, more users will be able to store their funds in non-volatile, USD-pegged cryptocurrencies. It also makes it easier for users to engage in Decentralized Finance (DeFi). “With the introduction of USD₮, on and off ramps into the Tezos DeFi ecosystem are simplified and efficient. Tezos is an exemplary system with features and tools which have enabled innovative application designs not possible on other networks,” said Alessandro De Carli Founder at Papers. “The launch of USD₮ on Tezos will undoubtedly unlock new DeFi products and I expect the impact on volume growth of the Tezos DeFi ecosystem to be remarkable.” The stablecoin space has been growing recently, In April this year, USDT and USDC stablecoins were added to the Cardano (ADA) blockchain. In May it was reported that Tether’s reserves of $82.4 Billion, exceeded the marketcap of USDT. Tether co-founder says UST disaster spells doom for algorithmic stablecoins The loss of the money within the Terra ecosystem was unfortunate but was not unexpected, according to Collins. Tether (USDT) co-founder Reeve Collins believes the collapse of TerraUSD (UST) — since renamed TerraClassicUSD (USTC) — might be the catalyst that triggers the downfall of other algorithmic stablecoins, CNBC reported. Collins made the comment while speaking to the news outlet at the World Economic Forum in Davos, Switzerland. He added that the collapse “was not a surprise.” Collins said :It’s an algorithmic-backed, stablecoin. So it’s just a bunch of smart people trying to figure out how to peg something to the dollar. Collins noted that many people cashed out UST over the past few months after discovering the stablecoin was not sustainable. Consequently, the stablecoin tanked, taking the broader crypto market along with it. Although the crypto market is currently bearish, Collins believes algorithmic stablecoins have not seen the worst of it yet. In his view, other algorithmic stablecoins might soon follow UST, ultimately bringing their kind to an end. Varying sentiments Although Collins believes the era of algorithmic stablecoins is approaching its end, Jeremy Allaire, the CEO of USD Coin (USDC) issuer Circle, believes innovators are not yet done. He further noted, I’ve compared algorithmic stable coins to the Fountain of Youth or the Holy Grail. Others have referred to it as financial alchemy. To this end, he believes financial alchemists will continue working on the magic potion to find the Holy Grail of a stable value. However, Allaire believes regulators might bar algorithmic stablecoins from interacting with the market and the financial system because of the risks they carry. Doubling down on stablecoin regulation Financial watchdogs and lawmakers have been increasingly calling for urgent stablecoin regulation following the UST debacle. For instance, the British government proposed legislation amendments to regulate stablecoin issuers better. In a consultation paper published on May 31, the government said it is crucial to ensure existing legal frameworks can effectively help manage the risks posed by the possible systemic failure of digital settlement asset firms. MORE : Cryptocurrency Price Prediction https://www.facebook.com/newsinfocryptocurrency/ https://twitter.com/ahlinyakripto cryptocurrency, bitcoin, ethereum, crypto, mining, trading, sec, bulrun, bearish, wallet, prediction, crypto news #cryptocurrency #bitcoin #ethereum #crypto #mining #trading #prediction Disclaimer: I am not a financial advisor. Do your own research. Consult a professional investment advisor before making any investment decisions! GET YOUR CRYTO HERE https://bit.ly/3rHj8qj GET FREE BTCs https://bit.ly/3N2IkiL