Tether Launches on Polygon, USDT Stablecoin Now Hosted on 11 Blockchain Networks
Following the company launching a fiat-pegged tied to the value of the Mexican peso, Tether, the stablecoin issuer has announced the firm has launched tether tokens on the Polygon network. The Polygon integration follows the stablecoin being added to the Avalanche and Kusama blockchain networks. Tether Joins the Polygon Blockchain Ecosystem The largest stablecoin by market capitalization, tether (USDT), is now supported on the Polygon blockchain (formally called Matic). USDT’s market valuation today is $72.6 billion and the stablecoin trade volume is $59.15 billion out of the $106.34 billion in global trade volume on Friday.
In addition to Polygon, USDT is supported on the Omni Layer blockchain, Ethereum, Tron, EOS, Liquid, Algorand, Solana, Bitcoin Cash (SLP), Kusama, and Avalanche. Furthermore, €195,998,829 worth of EURT, ¥20,503,468 worth of CHNT, and 226,289 XAUT (tether gold) have been issued by the firm. Expanding to the Polygon network’s layer two (L2) scaling solution on top of the Ethereum blockchain will provide tether (USDT) users with cheaper transfer fees. Polygon has more than 19,000 decentralized applications (dapps) and the network’s native token MATIC is the 21st largest by market valuation. “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,” Paolo Ardoino, the CTO at Tether said in a statement sent to Bitcoin.com News. “The Polygon ecosystem has witnessed historical growth this year and we believe Tether will be essential in helping it continue to thrive,” the Tether CTO added. The Polygon team confirmed the launch on Friday when the official Twitter page tweeted: “Tether USDT launches on Polygon.” In addition to tether (USDT) launching on Polygon, Polygon Studios CEO Ryan Wyatt explained that the team had put together a multi-million dollar fund to help Terra blockchain developers migrate to Polygon. Tether says the Polygon announcement on Friday, “further solidifies Tether’s position as the most widely adopted stablecoin.” The news of tether (USDT) being implemented on the Polygon network follows the token’s market capitalization losing $10.4 billion since May 10, 2022. On that day, USDT’s market valuation was $83 billion and today it’s approximately $72.6 billion. Furthermore, Tether launched a fiat-pegged token tied to the Mexican peso called MXNT on May 26, and MXNT tokens will be available on Solana, Ethereum, and Polygon as well. Tags in this story 11 Blockchains, 11 Networks, CHNT, crypto economy, CTO of Tether, Digital Currencies, EURT, Fiat Tokens, fiat-pegged tokens, L2, Layer two, matic, MXNT, Paolo Ardoino, Peso-pegged stablecoin, Polygon, Polygon (MATIC), Polygon Network, Polygon USDT, Scaling, Stablecoins, Tether, Tether Gold, Tether pesos, USDT
What do you think about tether (USDT) launching on the Polygon network? Let us know what you think about this subject in the comments section below. Jamie Redman
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Tether Launches Tokens Pegged to the Mexican Peso on Ethereum, Tron, and Polygon ALTCOINS | 1 day ago Circle to Issue Weekly USDC Reserve Reports — Tether Publishes May 2022 Assurance Report ALTCOINS | 5 days ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleStudy Shows the United States Is Home to 41% of the NFT Companies Worldwide Show comments More Popular NewsIn Case You Missed ItDraft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament
A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.Today"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher