It’s Been 5 Days Since the Launch of USDt on Tezos. Can We Use It Now?

It’s Been 5 Days Since the Launch of USDt on Tezos. Can We Use It Now?

In June, Tether announced the launch of USDT on Tezos. Users cheered while projects prepared for the introduction of the new stablecoin.

On July 21, during #TezDev, USDt was officially launched with an initial issuance of 31 million tokens. See how the community started to use USDt.

USDt in DeFi on Tezos

The Youves team launched a vote on using USDt almost immediately after the announcement. Although the community accepted the proposal, USDt has not yet appeared in the uUSD minting menu. Still, one can already exchange it for uUSD via Flat Curve. Pool liquidity is 39 thousand USDt and 31 thousand uUSD (tzkt), and LP can be deposited in the farm with rewards in YOU.

That being said, youves already have the SIRS token (we will talk about it in the next article.)

Meanwhile, the kUSD/USDt and uUSD/USDt farms appeared on Plenty with annual yields of 40% and 34%, respectively. The liquidity of the pools at the moment comprises 8.8 thousand kUSD and 31 thousand USDt (tzkt), 24.8 thousand uUSD, and 21.8 thousand USDt (tzkt), respectively.

At QuipuSwap, users created tez/USDt pool. The liquidity is relatively low: 1 thousand tez and 1.6 thousand USDt (tzkt). It also has a EURL/USDt pool with almost zero liquidity.

Atomex wallet has added atomic swaps with USDt on Tezos.

SpicySwap and Vortex have not added USDt yet, so users cannot create such pools.

USDt on Bitfinex

Bitfinex is a centralized exchange with mandatory KYC. It is #9 in the Coinmarketcap ranking and #10 in the Coingecko ranking. Over the past three months, the average daily spot trade volume in the BTC/USDt pair has been 1 thousand BTC or $22 million at current exchange rates.

On July 21, it added USDt deposits and withdrawals to Tezos. All USDts are unified for trading, which means you can make a deposit in USDT (ERC-20), trade futures, and then withdraw profit in USDt on Tezos.

On-chain Data for USDt

According to tzkt.io, the USDt issuance is $31 million, but the number of holders is only 65. In fact, there are more: tzkt does not consider “former” holders who bought USDt and deposited all tokens in the liquidity pools.

An interesting point: a tz2-format address controls 30 million tokens. This is most likely the wallet of a major baker, exchange, or Tether itself. The tz2 addresses use the “old” secp256k1 elliptic curve compatible with most Cloud HSMs, i.e., Ledger’s industrial analogues. Our familiar tz1 addresses use a different ed25519 curve, which HSM poorly supports.

If we discard one explicitly corporate holder with $499k and a Bitfinex exchange wallet with $379k, the share of ordinary Tezos users is $122k USDt or around $2,000 per person. Not a lousy indicator of interest: the average kUSD and uUSD user owns $577 and $1270, respectively.

Conclusions on USDt

While we were looking for information and writing this article, the number of regular Tether holders on tzkt.io increased, and several thousand USDt were added to the pools. Tezos users clearly have an interest in the largest stablecoin.

We hope that soon USDt will support other cool Tezos projects. When it happens, this moment will signify the end of the current bear market.

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