Stablecoin Tether launches on Polygon Network

By: Ankish Jain
Ankish Jain
Ankish was a cryptocurrency journalist at Invezz covering the most relevant stories investors need to be aware of. He… read more.
on May 27, 2022
  • USDT launches on Polygon Network
  • USDT is the largest coin by market cap
  • Polygon is a layer-2 scaling solution used by over 8000 teams

The stablecoin market has been part of the headlines since the second week of May. Post the TerraUSD (UST) massacre; investors felt shaky about the future of stablecoins.

Meanwhile, some positive news is coming up from the stablecoin market. Tether (USDT), the largest stablecoin by market capitalisation, has launched on Polygon (MATIC), a leading blockchain platform. The official announcement from Tether Operations Limited, the blockchain company behind USDT confirmed.

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Tether makes a significant contribution to a more connected ecosystem. Tether combines digital currency benefits, such as instant global transactions, with traditional currency benefits, such as price stability. 

The launch on Polygon can prove to be a massive game-changer for 8000 teams building on Polygon Network as they get access to another stablecoin for payments and transactions, contributing to Polygon’s DeFi growth prospects.

Expressing his excitement, Paolo Ardoino, CTO at Tether said: 

“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.”

He further added: 

“The Polygon ecosystem has witnessed historical growth this year and we believe Tether will be essential in helping it continue to thrive.”

Polygon, formerly known as the MATIC network, is an interchain scalability solution that provides an architecture for constructing interoperable blockchain networks. It aims to combine the flexibility and scalability of alternative blockchains with the security, liquidity, and interoperability of Ethereum.

Polygon is the most recent addition to the networks currently supported by Tether, including Kusama, Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, Tron, and Bitcoin Cash’s Standard Ledger Protocol.

Currently, there are over 19,000 decentralised apps (dApps) operating on the Polygon Network, a 500% growth over October’s total of 3,000 dApps. In addition, Polygon completed over 3.4 billion total transactions, with over 135 million unique user addresses and over $5 billion in secured assets.

This newest contribution strengthens Tether’s and Polygon’s prominence and supports their positions.

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