$USDT Stablecoin is now live on hashport!

hashport is thrilled to announce the integration of Tether’s $USDT into the platform. With this integration, USDT becomes the first fiat-backed stablecoin on hashport, and the second stablecoin on Hedera. Users can now apply the stability of Tether to explore applications on the Hedera network, with the ability to easily then port their assets over to other hashport-supported networks.

What is USDT?
Tether (USDT) is a stablecoin that has been providing users with the ability to interact with blockchain applications using a currency tied to the U.S dollar. Tether keeps the peg by minting new USDT when fiat is deposited, and burning USDT when fiat is withdrawn. Keeping a project’s market cap and circulating supply the same ensures the token is always trading at $1. USDT and other stablecoins allow holders to keep their money in crypto while avoiding the potentially volatile nature of other cryptocurrencies. Tether has been a staple in the cryptocurrency world, with the first tokens launching in 2014. Since then, it has fueled the growth of DeFi and other applications by providing a stable value that interacts easily with on-chain protocols.

What is Tether?
Tether was founded by a group of Bitcoin enthusiasts and early adopters, passionate about facilitating the use of fiat currencies in a digital manner. In 2014, the company launched Tether.to, a blockchain-enabled platform aimed at disrupting the conventional financial system with a more modern approach to money.

As the first blockchain-enabled platform to facilitate the digital use of traditional currencies — a familiar, stable accounting unit — Tether has created a revolutionary building block that companies worldwide use to offer democratised cross-border financial services. Tether tokens have grown from being the first to the largest stablecoin by volume today.

Technical Updates — $USDT Token Addresses
Ethereum Contract Address: 0xdAC17F958D2ee523a2206206994597C13D831ec7
Hedera Token ID: 0.0.1055472

If you’re attempting to port $USDT tokens and have any questions, please refer to hashport’s FAQ page here. If you require further assistance, you can reach out to support@hashport.network for additional assistance.

About hashport
hashport is the enterprise-grade public utility that facilitates movement of digital assets between distributed networks, extending their functionality in a quick, secure, and cost-effective way. In order to remain platform-neutral, hashport functions without the use of a proprietary token. The network is built on a robust and performant architecture, secured and operated by a group of industry-leading validator partners from around the world. hashport has passed a rigorous security audit and follows industry best practices; regularly performing comprehensive network tests to ensure the integrity of the network.

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