The developer company focuses on providing accessibility between various networks.
TRON, Ethereum and Algorand are the networks with the most circulation of USDT.
Tether, the developer of the USDT stablecoin, announced the token’s compatibility with Polkadot’s Kusama network. In this way, USDT is already available in ten networks, among which Bitcoin (in the Omni and Liquid protocols), Ethereum, TRON and EOS stand out.
More precisely, as reported by the company in a release, USDT was added since yesterday, April 13, to Statemine, the first parallel chain of the Kusama network. The ID of the cryptoactive in the network will be 1984 and it can be used to solve the transactions in this chain of blocks, which serves as an experimental field for the developments designed for the main Polkadot network.
This addition is part of the Tether’s strategy of promoting cross-chain accessibility in decentralized applications (dApps). According to him Official site of the company, in addition to those already mentioned, other networks in which this cryptocurrency can be accessed are Algorand, Solana, OMG Network and Bitcoin Cash (Standard Ledger Protocol).
As detailed, USDT can be used on the Bitcoin network using the Omni and Liquid protocols. However, recently a team of Synonym developers managed to carry out a transaction of USDT on the Bitcoin network, through the payment channels in the second layer Lightning Network. To do this, as CriptoNoticias explained, they brought the original version of tether to this network, that is, the one developed on Omni.
With this, USDT also arrived —although still provisionally— at one of the most valued blockchains, such as Bitcoin. It also did so by offering the speed and low costs that the Lightning Network has to offer.
Also, according to data from CoinMarketCap, the stablecoin may be available in other protocols, since tokens with USDT as collateral exist in them. Among these use cases are networks such as BNB Chain (former Binance Smart Chain), Polygon, HECO, xDai, Fantom, OKExChain, RSK, Cronos, Terra, and Avax C-Chain, among several others.
What is USDT and some data of this cryptocurrency
USDT is a stable cryptocurrency tied to the market value of the US dollar, with a 1:1 parity. According to CoinMarketCap, it is the third cryptocurrency in terms of market capitalization, with a valuation of USD 82.675 million. The outstanding units of USDT are 82,648,836,091 at the time of writing this note.
As detailed in the CriptoNoticias Cryptopedia, Tether is a project that in the past was called Mastercoin and Realcoin. It was in 2014 that it acquired its final name and was postulated as a cryptocurrency backed entirely by US dollars. It is currently backed by dollars and other assets, including bonds.
Since its being added to famous exchanges like Bitfinex in 2015, this cryptocurrency has had exponential growth and, as mentioned, it has become one of the most capitalized in the market, behind only bitcoin (BTC) and ether (ETH).