Tezos has today confirmed that the world’s largest dollar-pegged stablecoin, Tether, is officially live on its high-performance blockchain.
The stablecoin issuer said the launch on Tezos’s energy-efficient, self-amending blockchain comes as it is expanding the list of networks supporting of its flagship USDT token.
With the addition of Tezos, the USDT ecosystem is now available on 12 various networks, including Ethereum, Tron, Solana, Algorand, and the recently added Polygon.
“We’re excited to be live on Tezos, and to offer 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 a highly-scalable platform that supports smart contract functionality and the development of decentralised applications (Dapps). It uses a variant of the proof-of-stake protocol which offers token holders the opportunity to delegate their assets to a validator and earn staking rewards.
With a market capitalization of close to $1.5 billion, Tezos is currently the 38th-largest cryptocurrency, according to industry data aggregator CoinMarketCap.
Tezos also applies a governance model that automatically evolves and upgrades itself to ensure stability. Among blockchain projects, Tezos’s consensus mechanism is touted to be one of the most energy-efficient and technically sound platforms.
As covered by FinanceFeeds recently, Tezos released the most significant upgrade of its Proof-of-Stake protocol to date. Codenamed “Ithaca 2,” the major ninth upgrade introduces a new consensus mechanism, Tenderbake, which brings several improvements. This includes so-called “near-instant finality,” which offers the absolute certainty that transactions cannot be reversed after two blocks.
Tezos is live on Bitfinex
Bittrex, a major US-based cryptocurrency exchange, has also confirmed the integration and listing of FA1.2 and FA2 tokens on the Tezos blockchain.
Bittrex said the move is responding to demand from its users who’re looking to invest in challengers of major cryptocurrencies by adding the Tezos to their portfolio. Tezos has developed a reputation as a blockchain platform used for the execution of smart contracts, cross-border payments, and decentralized apps. Adding support for FA1.2 and FA2 token standards allows for the creation of more assets relating to DeFi, NFTs, DAOs, amongst others.
Further explaining the rationale behind the listing, Bittrex said: “Tezos has gained considerable popularity for its energy-efficiency, low transaction fees, and institutional-grade security. With over 6 million contract calls in January, Tezos is one of the fastest growing blockchain ecosystems. Active addresses on the network are at an all-time high of over 45,000, while active smart contract addresses have tripled from under 200,000 to over 600,000 over the past 12 months.”
Bittrex Inc. is a Seattle-based cryptocurrency exchange that lets users swap nearly 250 digital assets. Like other cryptocurrency companies, its non-US arm, Bittrex Global, has domiciled itself in the tax-friendly jurisdiction of Liechtenstein.