Tether is the 3rd largest cryptocurrency and leading stable coin with a market cap of over $72.4 billion. It has now marked its 11th blockchain integration for USDT on the Polygon (Matic) network, expanding its reach in the crypto market.
Tether USDT, a stable Coin Cryptocurrency that is built under the Ethereum, Tron, and other various blockchain networks. Following its launch of a fiat-pegged tied to the value of the Mexican peso, has now announced its launch of a US-Dollar pegged stable coin (USDT) on the polygon network. This was announced by the team behind this project, and according to them, the stable coin, Tether, USDT, will now be available on the Polygon network.
Polygon’s DeFi Ecosystem Is Set To Benefit From Tether’s Availability On The Network
Polygon, a Layer-2 platform, enables the connection of Blockchain networks and serves as a scaling solution for the Ethereum blockchain. Said in an official announcement that its network’s DeFi ecosystem “will benefit greatly from Tether’s role in its development.”
This integration made by Tether into the Polygon network means that it has expanded to the Polygon network’s layer two (L2) scaling solution on top of the Ethereum blockchain, which means that it will provide Tether (USDT) users with much faster transactions and lower fees. And that the Polygon network Dapps which is over 19,000 and its 8,000 development teams can now gain access to all of the liquidity provided by Tether’s stable coin.
It also means that Polygon’s network has so far processed over 1.6 billion total transactions, with over 142 million unique user addresses and has more than $5 billion in locked value. Will also now have a major stable digital currency to generate its returns from while moving freely within and across the network.
Paolo Ardoino, Tether’s Chief Technology officer (CTO) stated that the Polygon ecosystem had witnessed massive growth this year and now Tether will be a part of the growth and also help the network to thrive continuously. He said:
“We’re excited to launch USDT on Polygon, offering its community access to the most liquid, stable, and trusted stable coin 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.”
USDT Issued On The Tron Network Continues To Be Higher Than On The Ethereum Network
As Tether continues to be the leader of all stable coins with its circulation in supply across all networks worth $72.537 billion. Its usage on Ethereum and Tron is the highest. However, Tether built under the Tron network seems to be the leader of Tether’s stable coin built across diverse blockchain networks, such as Tron, Ethereum, Solana, Omni, Kusama, Avalanche, Algorand, EOS, Liquid, SLP, Statemine.
One of the main reasons for Tether USDT’s popularity on the Tron network is because the blockchain is cheaper and faster than Ethereum. Plus, Traders use USDT on Tron more for moving funds between different platforms. But if traders show a preference for projects under the Ethereum ecosystem, they might switch to Polygon.