Leading cryptocurrency stablecoin Tether has announced the launch of a new asset, Tether (USDT) tokens built on the Tezos blockchain, and with the ambition of expanding their digital footprint across the digital payments and decentralized finance (DeFi) sector.

According to the press release, “USDT on Tezos will power revolutionary applications across payments, DeFi, and more.” In conversation with a Tether representative, greater context was provided as to the intended utility of Tether tokens:

“Tether tokens are not an investment but a utility for engaging in internet commerce, combating volatility, and providing a safe haven for remittances. Tether tokens can be securely stored, sent, and received across the blockchain and are redeemable for the underlying asset, subject to the terms of service and fee schedule.”

The representative continued onto reveal the names of the 12 blockchains, including Tezos, on which the asset will become accessible:

Related: Tether’s reported bank partner Capital Union shares its crypto strategy

“Tether currently supports transfers on a diverse and growing list of blockchains including Solana, Ethereum, Kusama, Avalanche, Polkadot, Algorand, EOS, Liquid Network, Omni, TRON and Bitcoin Cash’s Standard Ledger Protocol.”

CTO at Tether, Paolo Ardoino, spoke highly of the launch, anticipating that it will support Tether’s growth across the coming years.

“Tezos is coming fast onto the scene and we believe that this integration will be essential to its long-term growth.”