Tether Utilizes OKX Chain to Introduce Native Token

OKX Chain (OKC) formally started a collaboration with the stablecoin giant Tether on the 13th of July this year. Following that, Tether will be capable of formerly managing USDT on the OKX Chain. Apart from this, the status of the asset will be declared on the formal website of Tether. The token will be released on the behalf of OKC’s formal cross-chain bridge mediator. There is no requirement for the consumers to do any operations and the activities such as migration procedures will have a diverse outlook.

Tether and OKC Partner up to Issue USDT

The partnership between Tether and OKC will have an important part to minimize the deposits in USDT tokens as well as the withdrawal charges implemented on the venue of OKX Chain along with making improvements to the experience of the on-chain transactions. Moreover, through this collaboration, Tether is for the first time launching USDT (its native stablecoin) on the ecosystem of Cosmos.

OKC is considered to be very effective as well as a heterogeneous ecological centre that contains the tendermint mechanism of consensus and it has complete compatibility with EVM virtual machines. The customers are permitted to have a direct and flexibility-rich experience with a full-fledged open-chain ecology of Cosmos via OKC.

Paolo Ardoino, the person responsible for acting as a CTO at Tether, remarked on the move of the platform saying that the very partnership with OKC counts to be a thrilling step. He added that they have complete support for the long-term advancement programs of OKC in the sectors of web 3 and GameFi. In his words, this counts to be the initial venture of Tether into the ecosystem of the Cosmos.

Other Initiatives Taken in the Partnership

The compatibility of the OKC with the Mainnet of Ethereum allows it to create a connection between USDT and Cosmos. This collaboration is considered to be a landmark as any Cosmos-powered ecosystem has never released stablecoin formerly. Furthermore, the customers will be allowed to participate in the ecosystem of Cosmos without any requirement to download an exclusive wallet.

Hence, the OKX wallet thereof would be sufficient for this purpose. With the status of a blockchain ecosystem, the objectives of Cosmos are to fulfil the requirements dealing with interoperability and scalability. Along with the addition of Tether to the OKX Chain, both the EURT as well as Tether Gold are also to be integrated with OKC. EURT is labelled as a euro-pegged stablecoin whereas Tether Gold is a physical gold-backed digital asset.

Tags:, ,