Tezos (XTZ) could greatly benefit from these news: it is now possible to deposit/withdraw Tether (USDT) to/from Bitfinex.
Why it is good news
There are several DeFi protocols on Tezos which allow to borrow USD backed stablecoins by depositing XTZ as collateral. For instance on Youves, where you can borrow uUSD by lending XTZ and then swap uUSD for USDT through decentralized exchanges like Qipuswap, before withdrawing to Bitfinex.
It allows to participate in DeFi protocols on Tezos with USDT. As wrapped Bitcoin (BTC) is already available for DeFi through tzBTC, as well as wrapped Ethereum (ETH), it gives many options to DeFi users on Tezos.
What's next
Tezos is expected to incorporate in its future upgrades features such as optimistic rollups, allowing EVM (Ethereum Virtual Machine) layer-2 solutions, similar to Arbitrum layer-2 chain on Ethereum.
As Tezos ecosystem still needs to grow, it might be a long term investment, provided that more liquidities will be injected into Tezos DeFi projects, which is still to be confirmed.
Disclaimer: this article does not contain any financial advice. The information is provided for general informational and educational purposes only.
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