Stablecoin Tether has announced its launch on Polkadot’s canary chain, Kusama, amid growing interest for interoperability options in the network.
KSMUSD is up +3.12%
The head of public affairs at Polkadot developer Parity Technologies, Peter Mauric, notes that the announcement is a big step for Kusama and Polkadot with both networks aiming for interoperability.
Mauric adds that the addition shows the demand for the stablecoin on the network among developers and the native stablecoins platforms.
Tether is also available on other networks, including Ethereum, Algorand, Solana, Omni, and Tron. Polkadot is expected to add the asset after Kusama integration.
Kusama is an open-source pre-production blockchain that enables developers to test their yet-to-be-released projects before deploying them on Polkadot.
USDT is currently the largest stablecoin in the cryptocurrency space, with more than $80 billion in market capitalization.
Circle-issued USDC is another stablecoin planning to deploy on Polkadot’s ecosystem. Circle raised $400 million on April 12 in a funding round that attracted BlackRock.