Polkadot’s parachain Statemint is seeing sharp growth in its USDT trading volume
The latest announcement featuring the integration of Tether (USDT) on Polkadot is already bearing good fruit as the protocol’s parachain Statemint has recorded a parabolic jump in the total volume of the stablecoin resident on it. As Polkadot shared the news on its official Twitter handle, this massive change in Statemint’s USDT volume was ignited just after the announcement was shared.
1/ On-chain data reveals the total volume of @Tether_to (USDT) on the system parachain Statemint has surged by 125% in a day.
This follows yesterday’s news that the @Binance exchange had begun supporting USDT on Polkadot…https://t.co/4pEwwZFZP0 pic.twitter.com/tawXsUu47t
— Polkadot (@Polkadot) May 26, 2023
When the news of the USDT integration on Polkadot went live, it shook the industry as users considered the wide-ranging positive implications it will have on the market as a whole.
With millions of Binance users as well as the broad diversity that the USDT stablecoin has garnered over the years, parachains and decentralized applications on Polkadot are poised to be the biggest gainers of this partnership.
The collaboration between the parties will notably release massive liquidity that can further power up yield protocols and stablecoin farming dApps resident on the Polkadot blockchain. With the evidence already showing through Statemint, more users are likely to make their way to the Polkadot blockchain as more platforms get to integrate the stablecoin into their operations.
Fanning crypto evolution through collaboration
One of the strongest appeals of blockchain technology and its associated innovations is their ability to interoperate. With the industry still largely in the early stages of its development, this feature is one of its biggest advantages to chart a steady evolutionary course for itself.
With systems and applications in the space collaborating both among themselves and with others in the mainstream tech world, their adoption is further fast-tracked, which will ultimately boost the development of the industry.
Over the past few months, we have seen Polkadot collaborating with some of the industry’s most innovative platforms. Besides the integration of Tether, Uniswap also launched on Polkadot earlier this month.