Tether is now live on 15 different blockchain networks, according to the company’s latest announcement on Friday, as the company clarified that it is now supported by the Polkadot blockchain system. The new stablecoin support follows the token added to the Near protocol 11 days ago. The news follows Tether being ordered by a New York judge to produce financial documents last Tuesday.
Polkadot Blockchain Ecosystem Adds Tether
Recently Tether Operations Limited announced that it had been added to the Near Protocol on September 12, and 11 days later the stablecoin company revealed that it was now hosted on the Polkadot blockchain.
Peas (DOT) is an open-source distributed ledger project that bridges blockchain, decentralized finance (defi), and the Web3 ecosystem. Tether runs the largest stablecoin asset in the world, as it commands a market valuation of $68.24 billion on September 23.
Out of the $963.16 billion crypto economy today, USDT dominates by 7.078% of this value. On Friday, Tether announced the addition of USDT to the Polkadot blockchain ecosystem is “another milestone” for the stablecoin issuer.
After being added to the Near Protocol and Polkadot Polkadot blockchain ecosystem, USDT is now hosted on 15 different blockchain networks. In a note sent to Bitcoin.com News, Paolo Ardoino, Tether’s CTO, said the company was “excited” to launch tether on the Polkadot blockchain network.
“Polkadot is on a trajectory of growth and evolution this year and we believe the addition of Tether will be key to helping it continue to thrive,” Ardoino noted. Over the past 30 days, statistics show that the market capitalization of tether increased by 0.8% and on Friday, USDT commands $45.51 billion of the $81.84 billion in global crypto exchange volume.
Tether volume is equivalent to 55.60% of the $81.84 billion in swaps today and 62% of all BTC transactions today are paired with tether. Blockchain support Polkadot follows New York judge ordered Tether Operations Limited to produce financial documents that show USDTis back.
The judge’s order stems from a class action lawsuit filed three years ago by five plaintiffs. The case further involves the law firm Roche Freedman LLP and most recently Tether’s attorney. said the law firm must be removed from the case following the controversial around the co-founder of Roche Freedman Kyle Roche.
What are your thoughts on adding tether to the Polkadot blockchain ecosystem? Let us know what you think about this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.