Tether’s USDT token has been launched on the Polygon network, an Ethereum scaling platform, bringing the world’s largest stablecoin on more than 11 blockchains. According to a blog post published by Polygon, Tether’s contribution to the project’s DeFi ecosystem will be tremendously valuable.
According to Alchemy figures, Polygon now has over 19,000 dApps, up fivefold since October 2021. Tether’s integration into Polygon now gives over 8,000 distinct teams on the platform a second stablecoin option.
Tether Token (USD?) Launches on Polygon
Read the Press Release ??https://t.co/GB1vXAJODy pic.twitter.com/mIOEKBAvdp
— Tether (@Tether_to) May 27, 2022
As a result, market volatility will be reduced, and investors will have access to a far more stable digital currency from which to benefit while moving freely within and outside of the network.
Polygon has completed over 1.6 billion transactions, with more than 142 million unique user addresses, and a locked value of over $5 billion.
Tether’s CTO, Paolo Ardoino, stated:
“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 the world’s third-largest cryptocurrency, having a market cap of $75 billion as of May 2022. Tether has also entered the Latin American market with the launch of its new stablecoin, which is pegged to the Mexican Peso. The stablecoin, codenamed MXN?, will first be available on the Ethereum, Tron, and Polygon blockchains, according to Tether.
As per research conducted by Triple-A, a cryptocurrency payments service, 40% of Mexican firms are interested in using blockchain and cryptocurrencies in some form, making Mexico an ideal place for Latin America’s next crypto superpower.
Following the US dollar-pegged USDT, the Euro-pegged EURT, and the offshore Chinese Yuan-pegged CNHT, MXN? is Tether’s fourth fiat-pegged stablecoin.
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