Tether Announces Tezos Stablecoin to Enable Additional DeFi Products

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  • The USDT ecosystem is currently available on 12 different networks, including Ethereum (ETH), Tron (TRX), Solana (SOL), Algorand (ALG), and the new Polygon (POLY) (MATIC).
  • Tezos has become a platform of choice for many companies and institutions looking for opportunities in the field of decentralized finance thanks to these unique qualities (DeFi).
  • Baking is comparable in many ways to staking on other PoS networks, where holders can stake (bake) their currencies in exchange for rewards for signing and posting blocks. Tezos is the 33rd largest digital currency, according to CoinMarketCap, with a market capitalization of nearly $1.9 billion.

The Tezos proof-of-stake blockchain now supports USDT from Tether, the world’s largest stablecoin by market capitalization. Tether, the stablecoin operator, today announced that Tezos, a proof-of-stake (Pos) platform for generating smart contracts and decentralized applications, has joined the list of blockchain networks that support its flagship product. USDT stablecoins (dApps).

Tezos and DeFi are two of the most popular cryptocurrency exchanges in the world

The USDT ecosystem is currently available on 12 different networks, including Ethereum (ETH), Tron (TRX), Solana (SOL), Algorand (ALG), and the new Polygon (POLY) (MATIC). We are excited to bring USDT to Tezos, providing the digital token industry’s most liquid, trusted and reliable stablecoin to its growing and vibrant community, the company says. Tether CTO Paolo Ardoino said in a statement. Tezos is rapidly gaining traction and we believe it will succeed.

Tezos is powered by XTZ, the native coin of the network, which was created through a baking process. Baking is comparable in many ways to staking on other PoS networks, where holders can stake (bake) their currencies in exchange for rewards for signing and posting blocks. Tezos is the 33rd largest digital currency, according to CoinMarketCap, with a market capitalization of nearly $1.9 billion.

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Tezos market capitalization of nearly $1.9 billion

Tezos, which launched in 2018, is sometimes called the first self-modifying blockchain because it uses its unique on-chain governance mechanism to automatically integrate new features without the need for hard forks – a popular method of introducing new ones. functionality that introduces a new set of rules and requires software upgrades, making previous blocks and transactions incompatible with a new version of the protocol.

Tezos has become a platform of choice for many companies and institutions looking for opportunities in the field of decentralized finance thanks to these unique qualities (DeFi). Youves, a yield farming protocol, Plenty, a decentralized exchange and EVM bridge, and Vortex, an automated market maker, are all part of the developing Tezos DeFi ecosystem.

According to Alessandro De Carli, creator of Papers, the company behind Beacon, the interaction standard for Tezos dApps and wallets, one of the benefits of having USDT on Tezos is that on- and off-ramps in the Tezos DeFi ecosystem will become simpler and more efficient. . The debut of USDT on Tezos will surely open up new DeFi products, and I foresee a significant impact on the volume growth of the Tezos DeFi ecosystem, De Carli noted.

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