USDT Now Available On Moonbeam

Published on: 29.09.2022
USDT Now Available On Moonbeam

Polkadot-Native USDT Now Available on Moonbeam

Moonbeam has announce the availability of Tether USDT now on Moonbeam, an integration that was finalize on September 23rd, 2022. The connection between Tether and Moonbeam made possible via an existing cross-chain integration with the Statemint parachain. Through XCM, which the cross-chain messaging capability built into Polkadot, it is possible to move Statemint-based assets like USDT to Moonbeam, where they can be deposit as XC-20s and used like any other Moonbeam-based token across the hundreds of active projects on the network.

USDT tokens can be brought to Moonbeam in the same way as DOT and other cross-chain assets from across the Polkadot ecosystem: using the Moonbeam DApp. Simply click to deposit USDT and follow the prompts to move the asset to Moonbeam. Once deposited, you can use xcUSDT with your MetaMask wallet and Ethereum-style H160 address, as you do with all Moonbeam-based tokens.

Moonbeam is a smart contract platform optimized for cross-chain connected contracts, which are applications that are capable of tapping into functionality from many blockchains at once including Ethereum, Cosmos, Polkadot and more. This approach provides an opportunity for developers who want to create a simplified experience for their users while. This will allow them to interact with services and assets that are disperse across many chains.

These kinds of cross-chain movements are possible in the Polkadot ecosystem thanks to XCM. Enables a rich set of interactions between Substrate-based parachains like Statemint & Moonbeam. Since launching in January 2022, Moonbeam has integrated with many of the top parachains. Including Acala, Astar, and Interlay, allowing assets and data to freely flow between connected chains.

About Tether 

Tether a stablecoin that launched in 2014 and is pegged to the U.S. dollar. It stands as one of the largest stablecoins today, with over 67 billion tokens in circulation and deployments on numerous blockchains, including Polkadot’s sister network, Kusama. Tether announce its expansion to Polkadot last week, launching as a natively minted stablecoin on Statemint — a so-called “common good” parachain that serves as a resource for deploying and transferring tokens across the greater Polkadot ecosystem.

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About Moonbeam Network

Moonbeam an Ethereum-compatible smart contract platform on the Polkadot network that makes it easy to build natively interoperable applications. This Ethereum compatibility allows developers to deploy existing Solidity smart contracts and the DApp frontends to Moonbeam with minimal changes.

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