Native USDT landed on Moonbeam and the Beamswap DEX
USDT, the most liquid stablecoin in the digital space, just reached a new milestone and went live on Polkadot. Now, we’re proudly announcing Beamswap as the first Moonbeam-based DEX to list xcUSDT and bring it directly to our users.
Big news for the Polkadot ecosystem — the leading among stablecoins, USDT or Tether USD, is now live on the Moonbeam Network.
To boost its adoption in the thriving DeFi world of the Moonbeam and Polkadot ecosystems, we’re listing it on the Beamswap platform.
What is Polkadot-native USDT (xcUSDT)?
USDT, or xcUSDT, to be precise, is not an asset bridged to Moonbeam, like many others. Instead, it was minted as a Polkadot-native XCM stablecoin.
The connection that brought the leading stablecoin to the Moonbeam network is powered by cross-chain integration with Statemint, a generic-assets parachain powering deployment and transfer of digital assets.
Thanks to XCM, the cross-chain messaging system by Polkadot, USDT can now be deposited on Moonbeam as an XC-20 asset and utilized like any other Moonbeam-based token.
By nature, Moonbeam Network is optimized to support cross-chain contracts, powered by XCM. This allows applications build on top of the network to simultaneously harness functionality from various blockchains, including Ethereum, Cosmos, Polkadot, and others. Now, with the addition of xcUSDT on Moonbeam, this stablecoin will be accessible to millions of users without having to switch between networks.
🧐 What is USDT? USDT or Tether USD is a stablecoin pegged to the U.S. dollar, launched in 2014. It represents one of the strongest pillars of the stablecoin family, with nearly 68 billion tokens in circulation and deployments on various blockchain networks, including Kusama, Polkadot’s canary network.
What does it bring to the Moonbeam ecosystem?
By joining the Polkadot space, xcUSDT fortifies its presence and relevance in the decentralized space. As a stablecoin, it will help protect users’ assets from market volatility, provide wider options through cross-chain transferability, and serve as a stable asset to be used in various applications.
The Moonbeam-based xcUSDT provides the same functionality to the Moonbeam Network as any other Moonbeam-based token. This means it can be implemented, used, and exchanged in a myriad of projects, applications, and platforms on the network.
The Polkadot and Moonbeam communities now have the opportunity to access one of the most liquid, stable, and trusted stablecoins in the digital arena, without having to leave their preferred network. Pegged to the U. S. dollar, USDT provides high stability and expands the utility potential across the Moonbeam ecosystem.
Being a native XC-20 and not a bridged asset, xcUSDT also raises the bar for other assets to onboard the Polkadot system. xcUSDT’s native integration with the Moonbeam Network sets an example for how digital assets expand to other networks. The more tokens enter the Polkadot and Moonbeam spaces as native tokens, the more these ecosystems reduce their reliance on bridges, and mitigate the risk of single points of failure.
How to bring USDT to Moonbeam?
You can bring xcUSDT to Moonbeam the same way as any other XC-20, cross-chain asset.
Go to Moonbeam Dapp dashboard: https://apps.moonbeam.network/moonbeam and connect with your wallet.
On the list of assets, find Statemint USDT, click “deposit”, and follow the instructions for moving XC-20 assets to Moonbeam.
Once you have xcUSDT in your wallet, you can interact with it in all kinds of applications and services on Moonbeam, just like you would with any other Moonbeam-based assets.
xcUSDT on Beamswap
Beamswap is proud to be the first Moonbeam-based to list xcUSDT and give our community direct access to the world’s foremost stablecoin — now, in its Polkadot-native version.
Beamswap is a DeFi Hub built on the Moonbeam Network featuring a decentralized exchange (DEX) and an automated market maker (AMM). It gives users the freedom of adding liquidity, performing peer-to-peer transactions, swapping fungible tokens, and earning passive income from staking and yield farming. Beamswap will support the growth of Moonbeam’s ecosystem and act as a launchpad for new projects developing on the network. Our team’s mission is to aid in the multichain vision to serve as a host for projects on the Moonbeam & Polkadot Ecosystem while working alongside projects with existing infrastructure looking to bridge into the multichain universe.