Tezos Blockchain To Become New Home For USDT Tokens As Tether Launches New Asset

Tether, the company being the worlds leading cryptocurrency stablecoin, recently announced the launch of new USDT tokens which shall be constructed via the Tezos blockchain. The goal is to expand the companys digital footprint across both the DeFi as well as digital payments sectors.

Too little, too late?

It is no secret that Tether has had its fair share of problems. Most recently, following the Terra (LUNA) and TerraUSD (UST) disaster, institutional faith in stablecoins had been shaken to the point that many actively questioned their long-term utility and reliability.

Although some stablecoins such as BUSD and USDC have been trying to renew this confidence and help the crypto market recover, Tether remains the leading stablecoin as aforementioned and all eyes are fixated on what the company will do going forward, especially after last years controversy wherein Tether was penalized for $41 million by the CFTC (Commodity Futures Trading Commission) for reportedly making false and misleading statements about its USDT token being completely backed by corresponding fiat currencies.

A new era for Tether?

Still, all may not be lost as USDT on Tezos, according to the press release, shall apparently power revolutionary applications such as payments, decentralized finance, and more. As such, greater context about the intended utility of these new Tether tokens was provided as well.

As per the official statement, the new Tether tokens are not to be viewed as an investment, but rather a utility for conducting online transactions, fighting against inflation and volatility, and serving as a safe haven as far as remittances are concerned. Moreover, the Tether tokens will be securely stored, received and sent across the blockchain, in addition to also being redeemable for the underlying asset, although this will be subject to the relevant terms of service as well as the fee schedule.

Tether presently supports transfers on a number of blockchains, including Avalanche, Algorand, Ethereum, EOS, Liquid Network, Kusama, Omni, Polkadot, Solana, Tron, and even Bitcoin Cashs Standard Ledger Protocol.

Paolo Ardoino, Tethers Chief Technology Officer, praised the launch of USDT on Tezos, predicting that it will help Tether grow in the coming years and showcase the true value of the stablecoin. He also stated that Tezos is rapidly entering the market, and that the team firmly believes that this integration shall be critical to long-term growth and sustainability.