Building Astar with Native USDt
The tether token (USDt), the largest stablecoin by market cap, is now accessible on Astar Network, a Layer 1 blockchain built for multi-chain smart contracts.
Tether Operations Limited (tether.to) supports minting USDt on Polkadot’s common good parachain, Statemint, meaning you can use native USDt on Astar via XCM channels with Polkadot. Native Tether is different from our bridged stablecoins, which are representations of an asset minted on another chain, such as Ethereum or Avalanche. While bridged assets are valuable to the growth of our dApps and open up the opportunity for valuable cross-chain liquidity pools, native USDt offers a number of new advantages.
Bridged vs Native USDt
Please note, that we now have two different tokens for Tether:
ceUSDT: a bridged stablecoin that is securely brought to Astar through our partnership with Celer. It provides many DeFi opportunities on our network and is highly transferable (can be easily moved to other blockchains).
USDT: a Polkadot native stablecoin that is secured by the relay chain. It provides the mitigated risks of native assets and an easy way to off-ramp onto a CEX.
Having both assets presents new opportunities for developers, businesses, and users to expand our network. Below, we cover the specific advantages of migrating some of your assets to USDT.
Advantages of Native USDT
Developers and Business:
Since our builders have access to every major parachain, including Moonbeam, Interlay, and Acala, they have an exciting opportunity to integrate USDT with other native Polkadot assets. Plus, new fiat to USDT solutions can be developed with WASM dApps.
Now that we have USDT as a dollar-pegged native asset, business payments can be made directly on Astar, allowing the network’s finance and business to scale globally. Large sums of value can flow between fiat and USDT through Astar’s XCM, without having to swap to a bridged token or volatile asset.
Users:
USDT has several benefits to you, the end-user, as well. First, you can participate in the liquidity pools of our major projects to earn fees and rewards; Arthswap, Kagla, Sirius, and Starlay have integrated USDT to offer new farming pools.
Second, you can diversify your stablecoin holdings with a native USDT to improve your portfolio security. Plus, off-ramping USDT to fiat is more direct than using a bridged asset. Our major stable swap dApps offer the best rate for you to swap large amounts of stablecoins to USDT. Check out Kagla and Sirius Finance for low-slippage options (links to our major projects are provided below).
Holding USDT will further diversify your personal portfolio and keep you flexible. You can still earn DeFi rewards and transfer to other networks (with ceUSDT), but also move directly to an exchange and benefit from higher security (with USDT). On top of that, USDT provides unique benefits to our entire Astar community–developers, businesses, and end-users.
Useful Links to Migrate to USDT
Our Guide:
Transfer USDt to Astar with XCM
DEX and Stable Swaps:
ArthSwap: https://app.arthswap.org/
Kagla: https://kagla.finance/
Sirius Finance: https://www.sirius.finance/
Lending and Borrowing:
Starlay: https://starlay.finance/
This material is not investment or financial advice. Using decentralized peer-to-peer protocols carries risks, including, but not limited to, smart contract risks, liquidations, and impermanent loss. We encourage you to do your own research and meet with an investment advisor before making any investments.
About Astar
Astar Network — The Future of Smart Contracts for Multichain.
Astar Network supports the building of dApps with EVM and WASM smart contracts and offers developers true interoperability, with cross-consensus messaging (XCM). We are made by developers and for developers. Astar’s unique Build2Earn model empowers developers to get paid through a dApp staking mechanism for the code they write and dApps they build.
Astar’s vibrant ecosystem has become Polkadot’s leading Parachain globally, supported by all major exchanges and tier 1 VCs. Astar offers the flexibility of all Ethereum and WASM toolings for developers to start building their dApps. To accelerate growth on Polkadot and Kusama Networks, Astar SpaceLabs offers an Incubation Hub for top TVL dApps.
