On Thursday, Tether announced that it is launching its native stablecoin, USDT on the Tezos blockchain. The launch comes just days after it expanded to Polygon.
As per reports, Tether has been expanding its network reach as USDT continues to face heavy redemptions in the past few weeks.
USDT’s supply has apparently gone down by 6 billion over the last month.
After this launch, Tezos will be the 12th blockchain on which USDT will be available. Other blockchain includes Ethereum, Solana, Avalanche, Polygon, Algorand, Tron, Omni, EOS, Liquid Network, Kusama and Bitcoin Cash’s Standard Ledger Protocol.
Tether claimed that the launch of USDT on Tezos will help the blockchain network’s DeFi ecosystem. Tether said, “Several notable projects have launched on Tezos, including those in the fashion, music, gaming, and art industries.”
Also read: Tether Dives Into Latin American Market with MXN₮ Stablecoin
Interestingly, Tezos’s ecosystem is currently small-scale, and has a total value locked (TVL) of $36 million.
Even though USDT is available across many blockchains, its utilization on Ethereum and Tron is apparently the highest.
Tether is also planning to launch USDT on “any and all blockchains as well as L2 [Layer2] protocols.”
