British Virgin Islands, June 9, 2022 – Tether Operations Limited (“Tether”), the company operating the blockchain-enabled platform tether.to that powers the largest stablecoin by market capitalization, will launch Tether tokens (“USD₮”) on Tezos, a pioneering upgradable Proof-of-Stake blockchain. The addition of USD₮ to Tezos demonstrates its growing momentum as a thriving Proof-of-Stake blockchain which continues to build a reputation as the leading choice for brands and institutions looking to build the Web3 revolution.
Tether’s USD₮, now available on 12 blockchain networks, welcomes the Tezos ecosystem to the US $72 billion network. USD₮ on Tezos will power revolutionary applications across payments, DeFi, and more.
“We’re excited to launch USD₮ on Tezos, offering its growing and vibrant community access to the most liquid, stable, and trusted stablecoin in the digital token space,” said Paolo Ardoino, CTO at Tether. “Tezos is coming fast onto the scene and we believe that this integration will be essential to its long-term growth.”
Tezos is a unique network in the blockchain space, with nine upgrades, it is the only layer one blockchain network to successfully evolve and upgrade over time without relying on hard forks. Upgrades have decreased gas costs, increased transaction speed, and most recently, such upgrades even replaced Tezos’ consensus mechanism with Tenderbake, a modified BFT algorithm similar to Cosmos’ Tendermint. Tezos is set to continue its unprecedented track record with its next update which will introduce enshrined optimistic and smart contract roll-ups to the leading Proof-of-Stake network.
“With the introduction of USD₮, on and off ramps into the Tezos DeFi ecosystem are simplified and efficient. Tezos is an exemplary system with features and tools which have enabled innovative application designs not possible on other networks,” said Alessandro De Carli, Founder at Papers. “The launch of USD₮ on Tezos will undoubtedly unlock new DeFi products and I expect the impact on volume growth of the Tezos DeFi ecosystem to be remarkable.”
The launch of USD₮ on Tezos will further highlight Tether's dedication to pioneering collaboration and interoperability within the growing digital asset space. Tezos has a growing DeFi ecosystem which includes yield farming protocol Youves, decentralized exchange and EVM bridge Plenty, and more. Upon launch, Tether will be the largest stablecoin by market capitalization available within the network.
As the most liquid, stable, and innovative stablecoin, USD₮’s market capitalization has grown to over US $72 billion. USD₮ works across a diversity of different blockchains, including Algorand, Avalanche, Bitcoin Cash’s Simple Ledger Protocol (SLP), Ethereum, EOS, Liquid Network, Omni, Polygon, Tezos, Tron, Solana, and Statemine. Tether is driven to support and empower growing ventures and innovation in the blockchain space.
