The stablecoin USDT is now available on Tezos. This brings the Tether stablecoin’s total number of supported blockchain platforms to 12, including Ethereum, Solana, and Tron.
Tezos is an eco-friendly proof-of-stake network for creating decentralized applications (dApps) and smart contracts. Its native cryptocurrency – XTZ, powers the network through a process called “baking”, which is similar to staking. Token holders can “bake” the coins in order to receive rewards for publishing and signing blocks.
Sometimes called the first “self-amending” blockchain network, Tezos also features an on-chain governance system that automatically implements new features with no need for hard forks. These features have attracted many companies who are operating in DeFi (decentralized finance).
The news of USDT’s launch on Tezos has caused the price of XTZ to significantly rise. It is currently priced at $2.24, which is 9% higher than it’s been before the stablecoin’s launch. And it’s 12% higher than it was seven days ago.