Tether Operations Limited (“Tether”), the company operating the blockchain-enabled platform tether.to that powers the largest stablecoin by market capitalisation of over US $82 billion, having added US $56 billion since January 1, 2021, has launched Tether tokens (“USD₮”) on the Kusama network. At launch, USD₮ will be deemed with the asset ID 1984 and used to power transactions on its Statemine parachain.
Parachains are individual blockchains that run parallel within the Polkadot ecosystem. Kusama is a scalable network of specialized blockchains and Statemine is its first parachain. It is a public-good parachain that was designed to be the balance-keeper of thousands of different fungible and non-fungible tokens. Statemine provides the functionality for deploying assets, from tokenized artwork to stablecoins in the Kusama networks to give users a better experience with lower fees than existing solutions. By doing so, it addresses problems such as security, scalability and interoperability of blockchains.
The addition of Tether tokens to the Kusama ecosystem is a milestone moment. With an increasing number of decentralized applications seeking stablecoins that operate across numerous networks, Tether tokens provide access to the largest and most transparent option in the greater cryptocurrency ecosystem. It will ensure a smooth interoperable experience for their users based on its dedication to multi-chain accessibility, which allows anyone to build anywhere. With the launch of USD₮ on Kusama, developers will be able to compose trustless applications across chains, communities and networks.
“We’re excited to launch USD₮ on Kusama, offering its community access to the most liquid, stable, and trusted stablecoin in the digital token space,” said Paolo Ardoino, CTO at Tether. “For those who believe in the importance of decentralized, permissionless ecosystems, Kusama is a perfect representation of that ethos. It is a platform built to put the control in the hands of its users and we are looking forward to becoming an essential asset in its growing ecosystem.
This announcement further solidifies Tether's position as the most widely adopted stablecoins, having pioneered the concept in the digital token space. The stablecoin is now live on a total of ten networks and counting including Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, Tron, and Bitcoin Cash’s Standard Ledger Protocol.
Driving the Future of Money
Tether supports and empowers growing ventures and innovation throughout the blockchain as a digital token built on multiple blockchains.