Tether (USDT), the world’s largest stablecoin, has now expanded its market reach to the Cosmos ecosystem, following its introduction on the OKC blockchain, according to an announcement made on Wednesday.
Tether is now available on the OKX Chain.
OKC, or OKX Chain, is the original blockchain of OKX, a famous cryptocurrency derivatives exchange situated in the Seychelles (formerly OKEx). Tether (USDT), the EURT Euro-pegged stablecoin, and Tether Gold (XAUT) are now available on the blockchain, allowing users to make faster and cheaper payments at an average cost of $0.0001.
Most crucially, Tether’s debut on a Cosmos-powered environment occurs today, as OKC blockchain “exists at the crossroads of Ethereum and Cosmos.” As a result, OKC integrates USDT and Cosmos, allowing users to reap the benefits of both ecosystems.
The launch of Tether on OKC marks its debut on a Cosmos EVM chain. We are excited to collaborate with OKX to support the growth of OKX Chain across many new use-cases. Paolo Ardoino, CTO, Tether.
The USDT has passed liquidity tests.
According to reports, OKC blockchain is the 13th blockchain network to support the USDT stablecoin. Tether announced its 12th network, Tezos, a pioneering upgradable Proof-of-Stake blockchain, on June 9th. However, a sizable portion of all USDT in circulation is kept on the Ethereum and Tron blockchains.
Ethereum has a total USDT supply of 32.3 billion, while Tron has a slightly smaller supply of 32.1 billion. According to Coinmarketcap, the total circulating supply of USDT is 65.95 billion. Despite the fact that over $16 billion in tokens have been redeemed since the beginning of May, USDT remains the largest stablecoin.
Tether had the highest token redemptions in Q2 of 2022, out of all the centralized stablecoin issues, which may satisfy the need for “short-term liquidity and concerns about bankruptcy” on Tether.