Tether Launches USDT on Polkadot Blockchain

Stablecoin issuer Tether is launching its flagship stablecoin USDT on the Polkadot (DOT) blockchain network. The latest expansion comes just a few weeks after the leading stablecoin launched on the Near blockchain.

Timeline of Polkadot-new, Tether

Midway through the month of June, the Polkadot (DOT) price dropped and fell below the range to hit the lower support level of $5.951. Further, a rebound broke the range of $6.854, reaching $7.78 before being rejected back to the support level at $6.854. Previously, the prices soared past the $7.

The first in-game NFTs have been minted on Efinity with the launch of the MetaHome NFT collection, immediately usable in MyMetaverse's full suite of games. MyMetaverse, a game development company specializing in creator-led metaverses with play-and-earn economies, ensured that on launch, the NFTs perform different functions in three different games.

Tron (TRX) and Polkadot (DOT) investors have seen the value of their crypto assets progressively drop in recent months. Many holders are now scrambling to find alternative investments.

Stablecoin issuer Tether has recieved a court order to produce financial records that prove the backings of its USDT. The Judge at Northern District Court New York, Katherine Polk Failla, issued the order for Tether on Tuesday upon the plaintiffs' request to prove its reserves.

A recent discovery unmasked a claim that refers to the issuance of unbacked USDT by Tether. This unbacked currency circulating in the market has caused turbulence and damage of $1.4 trillion.

As part of the legal proceedings related to a market manipulation case that dates back to 2019, Katherine Polk Failla, a judge for the U.S. District Court for the Southern District of New York, has ordered Tether's parent company to provide financial records for its USDT stablecoin.

Development activity on Polkadot [DOT] reached an all-time high among other blockchains. This is a major feat for the network as it continues to thrive by introducing upgrades at regular intervals.

Stablecoin issuer Tether must disclose financial documents to verify that it's backed by the U.S. dollar, New York Judge Katherine Polk Failla says. The company is currently in a lawsuit due to allegations that it manipulated the crypto markets.

In a case which could have significant repercussions for the wider crypto industry, U.S. Judge Katherine Polk Failla has ordered Tether (USDT) to produce accounting documentation to prove the stablecoin is backed by U.S. dollars. The post US Judge Orders Tether to Show The Receipts appeared first on BeInCrypto.

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