Tether Token Launched on Kusama, Powers Statemine Project

Tether Operations Limited, the operator of the blockchain platform Tether has launched its Tether tokens (USDT) on the Kusama network. Hereby, USDT will be deemed with the asset ID 1984 and will be used to power transactions on its Statemine parachain.

Parachains are individual blockchains that run accordingly with the Polkadot ecosystem. Kusama is a scalable network of specialized blockchains, whereas Statemine is its first parachain.

The parachain was designed to act as the balance-keeper of a myriad of various fungible and non-fungible tokens. Statemine offers functionality for operating assets from tokenized artwork to stablecoins on the Kusama network. This is to provide users a better experience with lower fees than existing solutions. Moreso, it addresses issues like security, scalability, and interoperability of blockchains.

Paolo Ardoino, CTO at Tether said:

For those who believe in the importance of decentralized, permissionless ecosystems, Kusama is a perfect representation of that ethos. It is a platform built to put the control in the hands of its users and we are looking forward to becoming an essential asset in its growing ecosystem.

Founded in 2019 by Gavin Wood, Kusama is a scalable network of specialized blockchains built using Substrate and nearly the same codebase as Polkadot. The platform is an experimental development environment for people who want to carry out fast and innovative trading on Kusama. It also allows users to prepare for development on Polkadot. 

Meanwhile, Tether is a prominent stablecoin with the biggest market capitalization, created in October 2014. The stable coin has grown to be the most traded cryptocurrency.