Tether has released its USDT token on the Polygon network, an Ethereum scaling platform, bringing the world’s largest stablecoin across more than 11 blockchains for the first time.
According to a blog post released by Polygon, Tether’s contribution to the project’s DeFi ecosystem will be extremely beneficial.
According to Alchemy statistics, Polygon now has over 19,000 dApps, a fivefold increase since October 2021. Tether’s incorporation into Polygon now provides a second stablecoin alternative to over 8,000 different teams using the platform. As a result, market volatility will be decreased, and investors will have access to a significantly stable digital currency from which to generate profits while moving freely within and beyond the network.
Polygon has executed over 1.6 billion total transactions, has over 142 million unique user addresses, and has a locked value of more than $5 billion.
Paolo Ardoino, CTO of Tether, said
“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.”
As of May 2022, Tether is the world’s third-largest cryptocurrency, with a market valuation of about $75 billion.
Additionally, Tether has entered the Latin American market with the debut of their new stablecoin tied to the Mexican Peso. According to Tether, the stablecoin, codenamed MXN₮, will first be available on the Ethereum, Tron, and Polygon blockchains.
According to data conducted by Triple-A, a cryptocurrency payments service, 40% of Mexican firms are interested in implementing blockchain and cryptocurrencies in some form, making Mexico a perfect location for the next Latin American crypto superpower.
MXN₮ is Tether’s fourth fiat-pegged stablecoin, following the US dollar-pegged USDT, the Euro-pegged EURT, and the offshore Chinese Yuan-pegged CNHT.