Tether USDT, the stablecoin issuer, has announced the introduction of tether tokens on the Polygon network, following the launch of a fiat-pegged token tied to the value of the Mexican peso. Following the addition of the stablecoin to the Avalanche and Kusama blockchain networks, Polygon has been integrated.
Tether USDT is now a part of the Polygon Blockchain Ecosystem.
- Tether (USDT), the world’s largest stablecoin by market capitalization, is now supported on the Polygon blockchain (formally called Matic). The market capitalization of USDT is $72.6 billion today, with $59.15 billion in stablecoin transaction volume out of $106.34 billion in worldwide trade volume on Friday.
- Tether USDT is supported by the Omni Layer network, Ethereum, Tron, EOS, Liquid, Algorand, Solana, Bitcoin Cash (SLP), Kusama, and Avalanche, in addition to Polygon. The company has also issued EURT in the amount of €195,998,829, CHNT in the amount of €20,503,468, and XAUT (tether gold) in the amount of 226,289 XAUT (tether gold).
- Tether USDT customers will benefit from the Polygon network’s layer two (L2) scaling solution, which is built on top of the Ethereum blockchain. Polygon features almost 19,000 decentralised applications (dapps), with MATIC, the network’s native currency, ranking 21st in terms of market capitalization.
“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 sent to Bitcoin.com News. “The Polygon ecosystem has witnessed historical growth this year and we believe Tether will be essential in helping it continue to thrive,”– the Tether CTO added.
- The Polygon team confirmed the launch on Friday when the official Twitter page tweeted:
- In addition to tether (USDT) launching on Polygon, Polygon Studios CEO Ryan Wyatt explained that the team had put together a multi-million dollar fund to help Terra blockchain developers migrate to Polygon.
- The Polygon announcement on Friday, according to Tether, “further solidifies Tether’s position as the most widely adopted stablecoin.”
- Tether’s (USDT) implementation on the Polygon network comes after the token’s market capitalization has dropped $10.4 billion since May 10, 2022. The market capitalization of USDT was $83 billion on that day, and it is now around $72.6 billion.
- Tether also released MXNT, a fiat-pegged token connected to the Mexican peso, on May 26. MXNT coins will be available on Solana, Ethereum, and Polygon, among other platforms.