Tether’s USDT launches on Polygon

The USDT stablecoin is now available on various blockchains, including Ethereum, Polygon and Tron.

Tether Operations Limited (“Tether”), the company operating the blockchain-enabled platform tether.to, has announced the launch of its USDT stablecoin on the Polygon blockchain.

This latest development is an important milestone for Tether as Polygon is home to thousands of decentralised applications and projects. 

According to the press release shared with Coinjournal, Tether said it would play an essential role in supporting Polygon’s DeFi ecosystem. Tether will alleviate the potential adverse effects of market volatility by providing a stable currency for investors to generate yield and move in and out of the network.

Paolo Ardoino, the Chief Technology Officer (CTO) at Tether, commented that this is an essential step for the company. He 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. The Polygon ecosystem has witnessed historical growth this year, and we believe Tether will be essential in helping it continue to thrive.”

Tether is currently the world’s largest stablecoin, with a market cap of over $72 billion. The stablecoin is available on various blockchains, including Bitcoin Cash’s Ledger Protocol, Ethereum, EOS, Liquid Network, Omni, Tron, Kusama, Algorand, Solana and now Polygon.

The Tether team said the launch on Polygon further solidifies Tether’s position as the most widely adopted stablecoins, having pioneered the concept in the digital token space.

Meanwhile, Polygon is a layer two” scaling solution that operates on top of the Ethereum blockchain, enabling faster transactions and lower fees. At the moment, there are over  19,000 decentralised applications (dApps) running on its network, a 500% increase from 3,000 dApps in October, per Alchemy data. 

Polygon revealed that its Proof of Stake (PoS) had processed over 1.6 billion total transactions. The network also has 142 million unique user addresses and over $5 billion in assets safeguarded.