Tether is now live on 15 different blockchain networks, according to the company’s latest announcement on Friday as the firm detailed that it is now supported by the Polkadot blockchain system. The stablecoin’s new support follows the token being added to the Near Protocol 11 days ago. This news comes after Tether was ordered to provide financial documentation by a New York court last Tuesday.
Polkadot Blockchain Ecosystem Added Tether
Tether Operations Limited just announced recently that the firm was added to Near Protocol on September 12. 11 days later, it revealed it is now located on Polkadot.
Polkadot, (DOT), is an open source distributed blockchain project. It connects decentralized financial (defi), Blockchains, and the Web3 eco-system. Tether manages the largest stablecoin asset worldwide as it commands a $68.24 billion market valuation on September 23.
USDT currently controls 7.078% in the crypto market worth $963.16 Billion. On Friday, Tether said the addition of USDT to the Polkadot blockchain ecosystem is “another milestone” for the stablecoin issuer.
USDT now hosts on 15 blockchain networks after being added to the Near Protocol, Polkadot Polkadot and Polkadot Polkadot Blockchain ecosystems. In a note sent to Bitcoin.com News, Paolo Ardoino, the CTO at Tether said the company is “delighted” to launch tether on the Polkadot blockchain network.
“Polkadot is on a trajectory of growth and evolution this year and we believe Tether’s addition will be essential in helping it continue to thrive,” Ardoino noted. In the last 30 days statistics show that tether’s market cap grew by 0.8% and on Friday, USDT commands $45.51 billion of the $81.84 billion in global crypto trade volume.
Tether’s volume equates to 55.60% of the $81.84 billion in swaps today and 62% of all BTC trades today are paired with tether. The Polkadot blockchain support follows a New York judge ordering Tether Operations Limited to produce financial documents that show USDT’s backing.
The judge’s order stems from a class action lawsuit filed three years ago by five plaintiffs. The case further involves the law firm Roche Freedman LLP and just recently Tether’s lawyer said the law firm should be dropped from the case following the controversy surrounding Roche Freedman’s co-founder Kyle Roche.
How do you feel about the addition of tether to the Polkadot Blockchain ecosystem? Please comment below to let us know your thoughts on this topic.
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