If you’ve been active in the Tezos community for some time, you’ve likely encountered the statement “when USDT?”.
The wait is over.
About two months ago, we learned
that Tether had plans to launch its stablecoin on the Tezos network. In their press release, Paolo Ardoino (CTO at Tether) cited a few reasons for why they chose to do so.
“We’re excited to launch USD₮ on Tezos, offering its growing and vibrant community access to the most liquid, stable, and trusted stablecoin in the digital token space. Tezos is coming fast onto the scene and we believe that this integration will be essential to its long-term growth.”
This week, the integration finally went live
making Tezos the twelfth blockchain in which USDT is available.
I think this news is pretty significant as it’s part of a trend we’ve been seeing as of late. If you were able to make it to Tez/Dev, they were quite a few teams/organizations present.
That’s worth noting because not only is core development accelerating at a rapid pace (as indicative at Tez/Dev), but DeFi on Tezos has been growing in culmination with that.
But don’t just take it from me, in the words
of Alessandro de Carli of Papers:
“With the introduction of USD₮, on and off ramps into the Tezos DeFi ecosystem are simplified and efficient. Tezos is an exemplary system with features and tools which have enabled innovative application designs not possible on other networks. The launch of USD₮ on Tezos will undoubtedly unlock new DeFi products and I expect the impact on volume growth of the Tezos DeFi ecosystem to be remarkable.”