Tether has launched its USDT token on Polygon, an Ethereum scaling platform, meaning the largest stablecoin by market capitalization is now available on more than 11 blockchains, the company said.
The addition of USDT, which is tied 1:1 to the dollar and has a market cap of over $73 billion, will help support Polygon’s decentralized finance (DeFi) ecosystem 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 to provide faster transactions and lower fees. There are more than 19,000 decentralized applications (dapps) running on the network, six times more than in October, Alchemy data show.
Polygon has so far processed over 1.6 billion total transactions, with over a 142 million unique user addresses and has more than $5 billion in locked value.
“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, Tether’s chief technology officer. “The Polygon ecosystem has witnessed historical growth this year and we believe Tether will be essential in helping it continue to thrive.”
Tether was already available on networks including Kusama, Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, Tron, and Bitcoin Cash’s Standard Ledger Protocol.
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