Stablecoin Tether Launches on Polygon Blockchain
Tether (USDT), the cryptocurrency with the greatest market value among stablecoins, is now enabled on the Polygon blockchain (previously called Matic). The market value of USDT as of today is $72.6 billion, while the total transaction volume for stablecoins on Friday was $59.15 billion, out of a total of $106.34 billion for worldwide trade volume.
In addition to Polygon’s blockchain, USDT is supported on the blockchains of Omni Layer, Ethereum, Tron, EOS, Liquid, Algorand, Solana, Bitcoin Cash (SLP), Kusama, and Avalanche. Polygon is the only platform to accept all of these cryptocurrencies. In addition, the company has distributed an amount equal to €195,998,829 worth of EURT, an amount equal to 20,503,468 worth of CHNT, and 226,289 XAUT (tether gold).
Tether (USDT) customers will see lower transfer costs as a result of the expansion of the Polygon network’s layer two (L2) scaling solution that is built on top of the Ethereum blockchain. There are more than 19,000 decentralized applications (dapps) on the Polygon network, and the value of the network’s native currency, MATIC, places it in 21st place among all cryptocurrencies.
“We’re excited to launch USDT on Polygon, offering its community access to the most liquid, stable, and trusted stablecoin in the digital token space,” Paolo Ardoino, the CTO at Tether, said in a statement that was sent to Bitcoin.com News. “We’re excited to launch USDT on Polygon, offering its community access to the most liquid, stable, and trusted stablecoin in the digital token space.” According to the Chief Technology Officer (CTO) of Tether, “The Polygon ecosystem has undergone unprecedented growth this year, and we feel that Tether will be important in helping it continue to flourish.”
On Friday, the official Twitter page for Polygon sent a post that said, “Tether USDT debuts on Polygon,” which was the team’s way of confirming the launch.
In addition to the introduction of tether (USDT) on Polygon, Polygon Studios CEO Ryan Wyatt revealed that the company has established a fund with several millions of dollars to assist Terra blockchain developers in making the transition to Polygon.
“This reinforces Tether’s position as the most widely used stablecoin,” Tether said in a statement after the announcement made by Polygon on Friday.
The token’s market valuation has dropped by $10.4 billion since May 10, 2022, which coincides with the recent announcement that tether (USDT) would be integrated on the Polygon network. The market worth of USDT was roughly $83 billion on that day, but it has since dropped to approximately $72.6 billion today.
In addition, on May 26, Tether introduced a fiat-pegged token called MXNT that is tethered to the Mexican peso. MXNT coins will also be accessible on Solana, Ethereum, and Polygon.