Users Can Now Interact with the Tether Stablecoin within the Moonbeam Ecosystem
Singapore – September 27, 2022 – Moonbeam, the top destination for cross-chain connected applications, has announced the availability of Tether (USDT) on Moonbeam, an integration that was finalized on September 23rd, 2022. The connection between Tether and Moonbeam is made possible via an existing cross-chain integration with the Statemint parachain. Through XCM, which is the cross-chain messaging capability built into Polkadot, it is possible to move Statemint-based assets like USDT to Moonbeam, where they can be deposited as XC-20s and used like any other Moonbeam-based token across the hundreds of active projects on the network.
Tether (USDT) is 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 announced 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. This launch allows applications built on top of parachains like Moonbeam to integrate and support another native stablecoin through their platform.
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 allowing them to interact with services and assets that are dispersed across many chains.
These kinds of cross-chain movements are possible in the Polkadot ecosystem thanks to XCM (cross-consensus messaging), which enables a rich set of interactions between Substrate-based parachains like Statemint and 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 the Moonbeam Network
Moonbeam is a smart contract platform for building cross-chain connected applications that can access users, assets, and services on any chain. By uniting functionality from Ethereum, Cosmos, Polkadot and more into a single platform, Moonbeam solves today’s fragmented user experience — unlocking true interoperability and paving the way for the next generation of applications. The Moonbeam platform uses integrated cross-chain messaging to allow developers to create smart contracts that access services across many remote blockchains. This approach, plus Moonbeam’s developer-friendly EVM platform, vast tool support, and modern Substrate architecture, creates the ideal development environment for building connected applications.