Tether, the company operating the blockchain-enabled stablecoin platform, announced it has now launched the Tether token (USDt) on Polygon (formerly MATIC), the Ethereum blockchain scaling and development platform.
The addition of Tether to the Polygon ecosystem is a milestone moment as it offers a new stablecoin option for more than 8,000 teams building on Polygon. Tether alleviates the potential adverse effects associated with market volatility by providing a stable currency for investors to generate yield, and move in and out of the network.
Polygon is a layer-2 scaling solution that runs on top of the Ethereum blockchain — allowing for speedy transactions and low fees.
Currently, there are more than 19,000 decentralized applications (dApps) running on its network, a 500% increase from 3,000 dApps in October, per Alchemy data. According to the network, its PoS has processed over 1.6 billion total transactions, with over 142 million unique user addresses and over $5 billion in assets safeguarded.
“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,” said Paolo Ardoino, CTO at Tether.”
This announcement furthers Tether’s position as the most widely adopted stablecoins, having pioneered the concept in the digital token space. The stablecoin is now live on a total of eleven networks and counting including Kusama, Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, Tron, and Bitcoin Cash’s Standard Ledger Protocol.