Tether Reveals USDT Stablecoin Is Now Supported by Polkadot – Tether Operations Limited declared that it had been added to the Near Protocol on September 12, and eleven days later, the stablecoin company confirmed that it is now hosted on the Polkadot network.
Polkadot (DOT) is a distributed ledger project that integrates blockchains, decentralized finance (defi), and the Web3 ecosystem. Tether controls the largest stablecoin asset globally, with a market valuation of $68.24 billion as of September 23. 7.078% of the $963.16 billion crypto market capitalization is held in USDT. Tether stated on Friday that the integration of USDT to the Polkadot blockchain ecosystem is “another milestone” for the stablecoin issuer.
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Following the addition of the Near Protocol and Polkadot Polkadot blockchain ecosystems, USDT is now hosted on fifteen different blockchain networks. Paolo Ardoino, the CTO of Tether, stated in a statement that the company is delighted to launch tether on the Polkadot blockchain network.
“Polkadot is on a trajectory of growth and evolution this year and we believe Tether’s addition will be essential in helping it continue to thrive,” Ardoino noted. In the past month, tether’s market capitalization increased by 0.8%, and on Friday, USDT accounted for $45.51 billion of the $81.84 billion in global crypto trade activity.
Tether’s volume accounts for 55.60% of the $81.84 billion in swaps today, and Tether is paired with 62% of all BTC deals. Polkadot blockchain support follows a New York judge’s order for Tether Operations Limited to disclose supporting financial records.
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The judge’s order arises from a class action complaint filed by five plaintiffs three years ago. The issue also involves the law company Roche Freedman LLP, and Tether’s attorney recently stated that the law firm should be removed from the case due to the scandal surrounding Roche Freedman LLP co-founder Kyle Roche.
