Tether announced today, Tuesday, that it will launch its stablecoin, “USDT”, on the blockchain networks “Bulcadot” and “Kusama”.
Tather said the launch schedule had not yet been determined because the parachine mechanism was still pending and under development.
Parachains are individual blockchains that run in parallel within the Polkadot and Kusama system.
These networks can interact with each other and also with external networks such as Ethereum using the bridging system.
This flexibility helps address the scalability, security, and interoperability issues of blockchain networks.
Tether will be launched for the first time on Kusama, the blockchain network of the Bulcadot network.
The Kusama blockchain helps projects prepare for deployment on “Bulkadot”.
The “Kusama” blockchain was designed using “Substrate” which is a blockchain development group with almost the same coding base as “Bulcadot”.
Mr. Paulo Arduino, Technology Director at Tether, said:
Tether will likely launch in the “Statemint” parachute.
“Statemint” was announced last month by the developers of “Polkadot Parity Technologies”.
Statemint will provide functionality to spread digital tokens such as stablecoins in the Bulcadot and Cosama networks and help end users with lower fees.
We expect to launch “Statemint” in the next few months.
But the roadmap is not finished yet, and all this is still in the planning stages.
We also continue to look at Kusama.
In theory, “Kusama” would allow us to begin experimenting with Tether support on parachines even before Statemint was officially launched.
The release of USDT on “Kusama” and “Bulcadot” will make the stablecoin available on a total of ten blockchain networks.
Stable digital currency “USDT” is currently available on both blockchains:
- Liquid Network
- bitcoin cash
Ethereum is still the popular network for USDT.
Approximately $ 23 billion of “USDT” has been issued on Ethereum, followed by “Tron”, with a value of nearly $ 20 billion.
USDT has not gained much traction over the other networks yet.