Polkadot is getting a lot of new projects slowly. It's really interesting to see that polkadot not only has the Akala network for stablecoin but now they are going to have the Tether network too. Tether is the stablecoin infrastructure that is on ETH network.
Recently Tether tweeted about the launch on Polkadot and Kusama blockchain.
Stablecoins are pegged to the local currency, which in the case of Tether it is -USD. And so it holds the USDT as the symbol. They have their share of the legal troubles and asked to report about their reserve considering they are centralized but not governed by Govt. So they are battling their own share of the red tape issues.
Tether network is already has it's presence on other blockchains like - ETH, EOS, Algorand, TRON, Omni Network, BCH and Solana. Adding Polkadot and Kusama would only help Tether expand as a stablecoin infrastructure.
Polkadot is a good blockchain to expand on and also it'd be definitely helpful in adoption and the usage of the blockchain by various DeFi, Games and other infrastructure projects.
What does this move mean for the Crypto community?
Crypto community is already suffering from gas fee issue on the ETH network. And the amount of projects that have suffered in the investment and the cashflow are increasing every single day. Moving this load to the multiple blockchains like Cardano, Polkadot and Kusama would only help improve the services for the users and the DeFi infrastructure around the world.
It'd be interesting to see how the DeFi, Games and the Payment gateways on Polkadot make use of the Tether in their projects.