Tether takes on Polygon – Launched in 2014, Tether’s USDT was one of the first stablecoins to see the day. Since then, it has become the most widely used stablecoin in the crypto ecosystem. Now, Tether continues its expansion by deploying USDT on the Polygon network.
Tether’s USDT lands on Polygon
With a market capitalization of $72 billion, Tether’s USDT is the leading stablecoin in the cryptocurrency ecosystem by capitalization.
Friday, May 27, the company Tether which deals with the circulation of the stablecoin announced the launch of USDT on the Polygon blockchain (MATIC).
Thus, Polygon is the eleventh blockchain to support Tether’s USDT. This adds to a list that includes Ethereum, Solana, Avalanche, Algorand, tron, Omni, EOS, Liquid Network, Kusama and bitcoin-cash.
Therefore, the 8,000 teams of developers active on the Polygon network will now be able to benefit from a new stablecoin. This will be able to play a major role in Polygon’s DeFi ecosystem, as explained in the announcement published by Tether:
” Tether is set to play a vital role in Polygon’s DeFi ecosystem. It will mitigate the potential negative effects associated with market volatility by providing a stable currency for investors to generate yield, and enter and exit the network. »
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Ethereum and Tron: USDT’s Favorite Networks
As we have seen, Tether’s USDT is present on 11 different blockchains. However, not all register the same use of the stablecoin.
Thus, the Ethereum and Tron blockchains represent the overwhelming majority of USDT issued, with 36 and 38 billion USDT tokens issued respectively.
So far, the network’s fast and inexpensive transactions explain the popularity of USDT on Tron. However, with the arrival of Polygon, it is likely that a portion of traders using Tron’s USDT to move their assets between platforms will turn to Polygon, in order to stay within the Ethereum ecosystem.
Earlier this month, the companyTether announced improved reserves that guarantee the value of USDT. This improvement follows the Terra Luna UST fiasco.
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