Launching Tether on Polygon now hosted on 11 Blockchain Networks
By Admin
Following the company's launch of a fiat currency pegged to the value of the Mexican peso, Tether, the stablecoin issuer announced that the company has launched tether tokens on the Polygon network. The Polygon integration follows the stablecoin being added to the Avalanche and Kusama blockchain networks. Tether Joins the Polygon Blockchain Ecosystem The largest stablecoin by market cap, tether (USDT), is now backed on the Polygon blockchain (officially called Matic).
USDT's market valuation today is $72.6 billion and stablecoin trading volume is $59.15 billion out of $106.34 billion in global trade volume on Friday. In addition to Polygon, USDT is supported on the Omni Layer blockchain, Ethereum, Tron, EOS, Liquid, Algoran, Solana, Bitcoin Cash (SLP), Kusama, and Avalanche. Furthermore, 195,998,829 EUR of EURT, 20,503,468 yen of CHNT, and 226,289 XAUT (gold tether) were issued by the company.
Expanding the Polygon Network's Layer 2 (L2) scaling solution on top of the Ethereum blockchain will provide Tether (USDT) users with cheaper transfer fees. Polygon has over 19,000 decentralized applications (dapps), and the network's native token MATIC is the 21st largest in terms of market valuation. “We are excited to launch USDT on Polygon, giving its community access to the most liquid, stable and trusted stablecoin in the digital token space,” said Paolo Ardoino, chief technology officer at Tether, in a statement sent to Bitcoin.com News.
“The Polygon ecosystem has seen historic growth this year and we believe Tether will be essential to helping it continue to thrive,” Tether CTO added. The Polygon team confirmed the launch on Friday when the official Twitter page tweeted: “Tether USDT launches on Polygon.” In addition to launching Tether (USDT) on Polygon, Polygon Studios CEO Ryan Wyatt explained that the team has set up a multi-million dollar fund to help Terra blockchain developers migrate to Polygon.
Polygon's announcement on Friday, Tether says, "reinforces Tether's position as the most widely adopted stablecoin." The news of Tether (USDT) being executed on the Polygon network comes after the token's market cap lost $10.4 billion since May 10, 2022. On that day, USDT's market cap was $83 billion and today it is around $72.6 billion.
Furthermore, Tether launched a token pegged to the Mexican peso called MXNT on May 26, and MXNT tokens will be available on Solana, Ethereum, and Polygon as well.
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