Tether (USDT) once again confirmed its position of the crypto industry’s largest stablecoin by announcing another expansion. The project is now moving to the Polkadot’s canary network, Kusama, where it will enable developers to reach out across chains with their dApps, communities, and networks.
Tether revealed that it will launch on Kusama’s first parachain, known as Statemine. The parachain was created to allow seamless deployment of various assets, including tokenized artwork, as well as stablecoins. As a result, it functions as a cost-effective method of addressing various concerns, including those of scalability, security, and interoperability.
According to Tether’s CTO, Paolo Ardoino, the company is very excited to expand to Kusama’s chain and offer “the most liquid, stable, and trusted stablecoin in the digital token space.” Furthermore, with this expansion, Tether will add another blockchain to the growing list of networks where it has established its presence. Blockchain networks where Tether currently has an established presence include Ethereum, Omni, Liquid Network, Bitcoin Cash’s Standard Ledger Protocol, Solana, Tron, EOS, Algorand, and now Kusama.
An expansion to Polkadot to follow?
Adding support for USDT is also a major milestone for Kusama, as well. Especially since it will later also arrive on Polkadot, according to Polkadot developer Parity Technologies’ Head of Public Affairs, Peter Mauric. This is not surprising, given that the two projects have a nearly identical structure, and Kusama has historically served as an experimental network for project developers who would then migrate successful projects to Polkadot.
Of course, some have opted to stay on Kusama, making the project a legitimate network that now features its own unique projects. But, as Mauric said, different institutions and builders have their own preferences when it comes to which products they interface with, and there is plenty of room for different options in the digital currency ecosystem. With that said, Tether’s launch on Kusama is a clear indication that there is interest in making it available for the Polkadot ecosystem, as well.
Mauric did not offer any timeline regarding when Tether might make an appearance on Polkadot, noting that this has yet to be determined. For the time being, stablecoin is expected to become an essential asset in Kusama’s growing ecosystem, where it will assist in its mission to put control in the hands of the users.
Tether continues to grow despite its controversial past
Of course, while Tether is, and has always been the largest stablecoin in the cryptocurrency industry, its past is still filled with controversies. Some have suspected it of being used for manipulating the price of Bitcoin back in 2017, which allegedly led to the coin’s price getting pumped to $20,000.
Other than that, Tether also spent years avoiding to comply with the community’s and other crypto companies’ requests to allow trusted 3rd parties to conduct audits and confirm that the project actually has enough money in its bank accounts to keep each coin backed by $1. This led many to assume that Tether doesn’t actually own enough money, and members of the crypto industry have been announcing the coin’s downfall for years, as a result.
However, years later, Tether is still alive and well, and bigger than ever. At the time of writing (April 14th, 2022), USDT is the crypto industry’s third-largest cryptocurrency by market cap, currently holding $82.6 billion, with around $58.7 billion in daily volume. The only other cryptocurrencies that hold more are Tether, with $373 billion large market cap, and Bitcoin itself, with $782.7 billion.
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