The largest Stabler by market capitalization will be the first to join the ecosystem as the Kusama channel network adds Tether support ahead of a potential rollout to Parashas.
Tether’s inclusion complements Polkadot’s efforts to attract more end-user applications
As cryptocurrencies experience a new boom, with total market capitalization approaching $2 trillion, pegging (USDT) plays an increasingly important role in many of the ecosystem’s activities.
Since launching the candy of choice for many participants and applications, Tether’s market capitalization has surpassed $40 billion, underscoring its significant market impact that far exceeds any competing candy.
As decentralized (final) financial applications expand new horizons in their search for cheaper, scalable platforms, support for USD in the Polkadot ecosystem will open up new opportunities for stable growth.
A partnership to catalyze recovery
Polkadot, which is in the process of rolling out its multi-chain network, has emerged as a powerful alternative to Ethereum due to its inherent security and scalability, made possible by unique parachutes.
USDT’s interoperability will give many new and existing applications seeking to become parachute investors access to Stablecoin, which is needed to simplify lending and borrowing protocols, improve returns, and more.
For starters, USDT will join the Canary network of Kusama and Polkadot, which serves as a more flexible testing ground and sandbox for new projects to test features with looser control. Given the widespread use of Thera, the interoperability of this network will add value to the blockchain world.
While Polkadot is not looking to displace competing blockchains, the inclusion of USDT will allow users and projects to move seamlessly between networks. More importantly, Tether will bring more stability to Polkadot’s planned projects due to its low volatility and ability to hold its value. Moreover, its properties make it an excellent source of liquidity, which is essential for the operation of successful definition protocols.
This new development adds value to Polkadot and Tether by combining stability, scalability and accessibility. Together, these two projects form a promising nexus that can overcome many of the pain points that currently impede the growth of other networks.
Will we see an increase in cable costs as a result? Tell us what you think in the comments below.
Photo credit: Shutterstock, Pixabay, Wiki Commons, Polkadot, Tether.
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