The largest stablecoin by market capitalization will be the first to enter the ecosystem as the Kusama canary network adds support for tether before the eventual deployments to parachains.
Tether Inclusion Complements Polkadot’s Efforts to Attract More Defi Applications
With cryptocurrency once again on the ascent and the aggregated market capitalization nearing $2 trillion, tether (USDT) is increasingly playing an outsized role in many of the ecosystem’s activities.
Since emerging as the stablecoin of choice for many participants and applications alike, Tether’s market capitalization has eclipsed $40 billion, underscoring its large footprint, which outstrips any competing stablecoins by a large margin.
Now, as decentralized finance (defi) applications expand new horizons while hunting for more cost-effective and scalable platforms, support for USDT in the Polkadot ecosystem will grant the stablecoin new avenues for growth.