Tether to launch USDT on Polkadot and Kusama

Tether announced the launch of the USDT stablecoin on the Polkadot and Kusama networks.

In a conversation with The Block, Tether’s chief technical officer Paolo Ardoino said that USDT will first be launched on the Statemint parachain in Kusama’s experimental network. It helps projects prepare for deployment on the mainnet.

“The Statemint launch will take place in the coming months. But the roadmap remains in the planning stage,” Ardoino clarified.

The schedule for USDT’s launch remains unknown, as parachain formation on Polkadot and Kusama has not yet been completed.

Earlier the stablecoin was launched on Ethereum, EOS, Omni, Tron. It also operates in Blockstream’s Liquid sidechain and on the Standard Ledger Protocol by the developers of Bitcoin Cash. In 2020, Tether issued USDT on the Algorand blockchain, and later on Solana.

USDT’s market capitalization exceeds $43 billion, with the majority of the volume concentrated on Ethereum.

In March 2021, the auditing and consulting firm Moore Global published a conclusion on reserve sufficiency for Tether Holdings Limited to fully back the Tether stablecoin (USDT). The firm confirmed the accuracy of the information provided by the issuer in the consolidated reserve report.