Cryptocurrency leading stablecoin Tether has announced the launch of a new asset, Tether (USDT) tokens built on the Tezos blockchain, with the aim of expanding its digital presence in the digital payments and decentralized finance (DeFi) sector.

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According to the press release, “USDT on Tezos will provide revolutionary applications for payments, DeFi and more.” In a conversation with a Tether representative, more context was provided regarding the perceived utility of Tether tokens:

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“Tether tokens are not an investment, but a utility for participating in online trading, combating volatility and providing a safe haven for money transfers. Tether tokens can be securely stored, sent and received via the blockchain, and exchanged for the underlying asset, subject to the terms of service and fee schedule.”

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The spokesperson went on to reveal the names of the 12 blockchains, including Tezos, on which the asset will become available:

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“Tether currently supports transfers across a diverse and growing list of blockchains including Solana, Ethereum, Kusama, Avalanche, Polkadot, Algorand, EOS, Liquid Network, Omni, TRON, and the Standard Ledger protocol from Bitcoin Cash.”

Tether CTO Paolo Ardoino praised the launch, expecting it to support Tether’s growth in the coming years.

“Tezos is quickly coming onto the scene and we believe this integration will be essential to its long-term growth.”