USDT stablecoin, the top-ranked market cap stablecoin, grabbed support on the Polkadot blockchain network.
USDT is biggest stablecoin in the crypto space and it is enjoying the first mover advantage in the industry. Tether is the backend company behind this stablecoin. Tether is a subsidiary of Bitfinex crypto exchange.
On 23 September, Tether announced that USDT is now live on the Polkadot network.
The official Twitter account of Polkadot also announced this new development work and confirmed that USDT stablecoin can be easily transferred in & out of the Polkadot 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.”
Dan Reecer, chief growth officer at Acala Network, also informed about this new development work of USDT & Polkadot network support.
USDC vs USDT
USDC is the second biggest stablecoin asset by 24 hours global trade volume and it is creating significant competition against USDT with a $49.72 billion Market, which is only $18.72 billion low than USDT Market Cap.
Due to the commercial paper holdings of Tether, the USDT issuer company faced huge criticism in the crypto space. And also in May of this year, during extreme volatility in the crypto market, USDT pegged value plunged by around 5%. In that time frame, USDC grabbed huge attention among crypto investors over USDT.