Robert Steinadler, a year ago
Tezos has been flying under the radar for quite some time. Despite the fact that the media became silent about this particular blockchain technology, there is a lot of development going on that is pointing toward a bright future for Tezos and its native cryptocurrency XTZ. NFT marketplaces and a whole DeFi ecosystem have emerged throughout the year 2021.
Let’s recap all the positive development that has happened and take a look at why USDT is an important addition to the Tezos ecosystem.
Last week Tether, the issuer of the largest stablecoin by market cap announced that USDT is going to launch on the Tezos blockchain. USDT is vital to the crypto market since it flows not only through a lot of centralized exchanges but also powers the broader DeFi economy.
Tezos is effectively becoming the 12th blockchain to support USDT and this will expand its ecosystem further. Investors and traders will be able to use USDT as an on- and off-ramp to enter decentralized financial products on Tezos. Other significant blockchains that are hosting USDT are Ethereum, Tron, and Polygon.
The announcement came only after a few weeks Tether started MXNT, a tokenized form of the Mexican Pesos, and extended its stablecoin product line.
Tezos is a proof of stake blockchain with a consensus mechanism that is called liquid proof of stake (LPoS). A high transaction throughput and cheap gas fees are only two arguments why Tezos could become a viable alternative to other blockchain technologies.
Throughout the year 2021, the Tezos Foundation advertised Tezos as a green alternative to cryptocurrencies based on proof of work. The controversy continues on whether Bitcoin is part of a problem or a solution to global warming. More important than the ESG factor is the fact that Tezos has developed a variety of use cases and protocols.
Among them are NFTs, lending, AMM protocols, and many more. While Tezos already has stablecoin solutions like USDtez the Tether launch is a significant event that extends the importance of the Tezos ecosystem. Without a stablecoin that is accepted on more than one blockchain, the Defi space on Tezos would have been sitting in a tight spot. Traders and investors are demanding USDT for their day-to-day business and this particular stablecoin - despite all criticism – has become the industry standard.
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