Tether Set To Launch on Tezos As USDT Recovers From Depegging

Key Insights:

• Tezos’ Proof of Stake capabilities has made it an essential DeFi hub.
• Recently the network also established a $1 million fund for creating a collection of the NFTs on its platform.
• Tether has almost recovered from its depegging incident of May when USDT fell to $0.97

Tether’s presence in the crypto market has solidified to the extent where its competitors are struggling to even match up to it, let alone overtake it.

Now the biggest stablecoin in the world is expanding said presence to another major blockchain to accentuate the Decentralized Finance (DeFi) potential of Tezos.

Tether Comes to Tezos

In a Press Release shared with FXEmpire, Tether announced that it would be launching USDT on Tezos to revolutionary power applications across payments, DeFi, and more.

This will make it the thirteenth chain USDT will be present after already adding 12 other blockchains to its network. 

With an $80 billion market cap, USDT will be providing liquidity to the host of DeFi protocols on the platforms, unlike any other token. Commenting on the launch, the Chief Technology Officer (CTO) of Tether, Paolo Ardoino, stated,

“We’re excited to launch USDT on Tezos, offering its growing and vibrant community access to the most liquid, stable, and trusted stablecoin in the digital token space. Tezos is coming fast onto the scene and we believe that this integration will be essential to its long-term growth.” 

Tezos in itself is expanding its reach in the DeFi market by catering to what the users need. The network already has a yield farming protocol, Youves, a Decentralized Exchange, and EVM bridge Plenty.

The Tezos Foundation also committed $1 million to the creation of a permanent collection of NFT arts made on its platform, focusing mainly on artists from Africa and Asia.

The launch of USDT on Tezos also provides USDT with an opportunity to regain the users’ faith as well as investment following the depegging debacle of May.

In effect of TerraUSD’s (UST) crash, Tether was also met with sudden swaps for USD, which resulted in its marked cap declining by $10 billion in mere days.

The trading price of USDT also slipped from $1 to $0.97 at its lowest. Since then, the stablecoin has been making efforts to recover from this slump and is currently on the verge of reclaiming $1, trading at $0.9993.

Tezos on the Charts

Just like USDT, Tezos’ native token XTZ is also recovering from its May crash, rising by 31.03% in the last month to trade at $2.16 at the time of writing.

This increase also pushed the altcoin into the bullish zone according to the Relative Strength Index (RSI) after lingering in the bearish area for almost two months now.