Customers of the second-biggest proof-of-stake blockchain and its DeFis may now utilise the largest USD stablecoin for on-chain lending and borrowing operations even if there is no “native” USDT (issued directly by Tether Limited) on Cardano (ADA).
USDT comes to Cardano’s (ADA) DeFi Liqwid
The largest stablecoin in the world by market capitalization, U.S. Dollar Tether (USDT), is now supported by Liqwid, a non-custodial lending and borrowing protocol on the Cardano (ADA) network. According to the team’s release, Wanchain’s (WAN) decentralised cross-chain bridges made it feasible to integrate USDT.
https://x.com/liqwidfinance/status/1704189210217820415?s=20
USDT joins Cardano (ADA), Djed (DJED), iUSD (IUSD), Shen (SHEN), and USD Coin (USDC) as the sixth asset in Liqwid’s ecosystem. Users contributed approximately $150,000 in USDT liquidity to Liqwid’s pools in the first few hours of existence.
USDT cannot currently be collateralized on Liqwid. However, users of Liqwid’s interface may already borrow the asset if they are Cardano (ADA) DeFi aficionados. The current effective APY for borrowers is 2.02%.
In April 2023, Cardano (ADA) and Wanchain (WAN) began working together. All of the main cryptocurrencies were added to the ecosystem in August 2023 when Wanchain (WAN), which functions as a sidechain to Cardano (ADA), triggered 28 cross-chain decentralised bridges.
Bitcoin (BTC), Ethereum (ETH), Arbitrum (ARB), Optimism (OP), Polygon (MATIC), Tron (TRX), and other networks are now compatible with Cardano (ADA).
Stablecoin ecosystem on Cardano (ADA) growing, community enthusiast says
Trading platforms and liquidity providers may streamline their operations and convert to more adaptable trading and investment techniques with the inclusion of USDT as another DeFi asset in the Cardano (ADA) ecosystem.
The community activist for Cardano (ADA), ADA Whale, also known as @cardano_whale on X, is thrilled about the latest stablecoin to be added to Cardano’s (ADA) stack of supported coins:
Cardano’s stable currency alternatives are expanding. I’ll distribute my across the Djed, iUSD, USDC, and USDT. Likewise USDM once it launches. This was the most frustrating gap in 2021–2022, yet we are fortunate to have each of them despite their various sacrifices.
The ecosystem of native stablecoins on the Cardano platform is continually developing. The most widely used decentralised stablecoin on the blockchain, Djed (DJED), has a market valuation of about $4.2 million.
In addition to the MinSwap and Wingriders Cardano-based DEXes, DJED is accessible via the Bitrue Centralised Exchange.
