Tether Operations Limited (“Tether”), the company operating the blockchain-enabled platform attach to which powers the largest stablecoin by market capitalization, will launch Tether (“USDt”) tokens on Tezos, a pioneering and scalable Proof-of-Stake blockchain. The addition of USDt to Tezos demonstrates its growing momentum as a thriving Proof-of-Stake blockchain that continues to build a reputation as the top choice for brands and institutions looking to build the Web3 revolution.
Tether’s USDt, now available on 12 blockchain networks, welcomes the Tezos ecosystem to the US$80 billion network. USDt on Tezos will power game-changing apps for payments, DeFi, and more.
“We are excited to launch USDt on Tezos, providing its growing and vibrant community with access to the most liquid, stable and reliable stablecoin in the digital token space,” said Paolo Ardoino, CTO at Tether. “Tezos is coming onto the scene quickly and we believe this integration will be critical to its long-term growth.”
Tezos is a unique network in the blockchain space, with nine upgrades, it is the only layer one blockchain network to successfully evolve and upgrade over time without relying on hard forks. Upgrades have reduced gas costs, reduced carbon footprint, and more recently these upgrades even replaced Tezos’ consensus mechanism with Tenderbake, a modified BFT algorithm similar to Cosmos’ Tendermint. Tezos is set to continue its unprecedented track record with its next update which will introduce optimistic roll-ups dedicated to the main Proof-of-Stake network.
“With the introduction of USDt, the on- and off-ramps in the Tezos DeFi ecosystem are simplified and efficient. Tezos is an exemplary system with features and tools that have enabled innovative app designs not possible on other networks,” said Alessandro De Carli, founder of Papers. “The launch of USDt on Tezos will undoubtedly unlock new DeFi products and I expect the impact on the volume growth of the Tezos DeFi ecosystem to be remarkable.”
The launch of USDt on Tezos will further underscore Tether’s dedication to pioneering collaboration and interoperability in the growing digital asset space. Tezos has a growing DeFi ecosystem that includes yield farming protocol Youves, decentralized exchange and EVM bridge Plenty, and more. Upon launch, Tether will be the largest stablecoin by market capitalization available within the network.
As the most liquid, stable and innovative stablecoin, the market capitalization of USDt has reached over US$80 billion. USDt runs on a variety of different blockchains, including Algorand, Bitcoin Cash’s Simple Ledger Protocol (SLP), Ethereum, EOS, Liquid Network, Omni, Tezos, Tron, and Solana. Tether is committed to supporting and empowering growing businesses and innovation in the blockchain space.