Tether has further stretched the company’s reach and influence with the introduction of a dollar-pegged stablecoin (USDT) on the Polygon Network, a deal that extended the stablecoin to over 11 blockchain networks.
Through its relationship with Tether, the Polygon ecosystem is expected to have a stable currency for investors, which will help generate yield in and out of the network. This will all be achieved through the integration of Tether’s stablecoin USDT, which is tied to 1:1 to the U.S. dollar and has a market capitalization of about $73 billion.
An analysis from Alchemy Data shows that the number of dapps (decentralized applications) on the Polygon network has increased nearly six times more now as compared to October of 2021. Currently, there are more than 19,000 decentralized applications running on Polygon. Polygon also has a layer 2 scaling solution, which was created to provide faster transactions and lower fees and run on the Ethereum Blockchain.
Regarding transactions, over $1.6 billion have been processed by Polygon, and over 142 million unique addresses have been created. Currently, Polygon has more than $5 billion in locked value.
Paolo Ardoino, Tether’s chief technology officer, said the following:
“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.”
Networks including Kusama, Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, Tron, and Bitcoin Cash’s Standard Ledger Protocol, amongst others, already had Tether available to them. Now, it has added Polygon to that list.
Though many are currently bearish on the crypto market, Tether’s USDT stablecoin seems to remain well regarded. This recent move to Polygon will likely bolster support of Tether and the Polygon network as other cryptocurrencies struggle during the current market climate.
Featured Image: Megapixl @Vladsseven
Ray Schuetz received a Masters Degree in computer science from The University of Texas (Austin). Ray has been working as a full-time blockchain consultant for the past 3 years. In his spare time, Ray enjoys writing for EthereumCryptocurrency.com and other crypto news publications.