Tether Operations Limited (“Tether”), the firm that operates the blockchain-enabled network tether.to, has made the announcement that it has become officially operational on Tezos. Tezos is a blockchain that is energy-efficient as well as self-amending, and it is now easily accessible to exchange on the prominent exchange Bitfinex. The launch of USD on Tezos displays increasing strength for the stablecoin with the greatest market capitalization.
The inclusion of USD₮ on Tezos is a significant step forward for the network of smart contracts based on the original Proof-of-Stake (PoS) blockchain protocol. As per the annual Electric Capital Developer Report, the amount of time spent using Tezos has skyrocketed in comparison to the previous year, and the platform is now ranked among the top five largest developer ecosystems.
According to Paolo Ardoino, CTO at Tether,
“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.”
Pioneering Interoperability Within The Growing Crypto Space
Tezos is well renowned for its potential to effortlessly and forklessly update, and it is predicted that future improvements would integrate features such as embedded optimistic rollups. These rollups allow for specialized faster throughput Layer-2 solutions for EVM as well as WASM virtual machines, and they ensure that all processing is verifiable by being entrenched on the Tezos blockchain.
Because of these capabilities, Tezos has become the platform of choice for many businesses and institutions who are interested in venturing into the area of decentralized finance (DeFi) and Web3. The announcement is also a tribute to the fast-expanding and thriving Tezos ecosystem. This ecosystem includes the top five NFT marketplace Objkt.com, the premier generative art platform fx(hash), DeFi apps such as yield farming protocol Youves and decentralized exchange and EVM bridge Plenty, as well as significant organizations like Manchester United, McLaren Racing, Team Vitality, The Gap, and much more.
The introduction of USD₮ on Tezos exemplifies Tether’s continued commitment to paving the way for pioneering interaction and interoperability within the rapidly expanding digital asset industry. Tether maintains its position at the vanguard of the greatest innovation that the financial sector has ever witnessed in terms of leaping forward.
Disrupting The Legacy Financial System
Tether is the most successful stablecoin and a frontrunner in the fight for monetary liberty and technological advancement. Tether, which was first introduced in October 2014, has quickly become the most actively traded cryptocurrency, surpassing the volume of all other competing offers combined. Tether is causing disruption in the traditional monetary system by providing an alternative, more contemporary method of managing money.
Tether offers a substantial contribution to the development of a more interconnected ecosystem by the addition of fiat currency and digital money to the blockchains of Bitcoin, Ethereum, EOS, Liquid Network, Omni, Tron, Algorand, and Solana, as well as the smart contract platform Avalanche.
Tether is a hybrid cryptocurrency that combines the advantages of traditional currencies with those of digital currencies, such as price stability and fast global transactions. Tether is a method of doing financial transactions that is both quick and inexpensive, and it is committed to maintaining compliance and openness.
Tezos, on the other hand, is a form of smart money that reimagines what it means to store value and trade it in a society that is increasingly dependent on digital connections. Tezos is a blockchain that is both self-upgradable and energy-efficient, and it uses the Proof of Stake consensus method. It has an established track record, and it can incorporate tomorrow’s innovations without causing network interruptions today.