Quick take:
- Tether (USDT) has been launched in the Polygon (MATIC) network.
- Polygon’s DeFi ecosystem is set up to benefit from Tether’s availability on the network.
- USDT issued by Tron remains higher than that issued by Ethereum.
- With a total of $ 72,537 million in tether, Stablecoin remains in third place by market capitalization.
Tether’s Stablecoin (USDT) has launched with a new chain. As announced by the project team through the following tweet, stablecoin will be available on the Polygon (MATIC) network.
Big news! 📣
The largest stablecoin by market capitalization, @Tether_toCurrently offering $ USDT Stablecoin token #onPolygon..
See details 👇 https: //t.co/vgCkRIRpab
— Polygon –MATIC 💚 (@ 0xPolygon) May 27, 2022
Tether aims to boost the polygon DeFi ecosystem
According to the official announcement of Tether’s Polygon launch, the DeFi ecosystem of the latter network will benefit significantly from Tether’s role in its development.
Tether’s integration into Polygon means that there are over 19,000 Dapps and 8,000 development teams have access to the liquidity provided by stablecoin. Polygon’s more than 142 million unique user addresses “have the major stable digital currencies to generate revenue while moving freely within and between networks.”
Paolo Ardoino, Tether’s CTO, further noted that the Polygon ecosystem has grown tremendously and Tether will continue to support its prosperity. He said:
We are pleased to launch USDt at Polygon to provide community access to the most fluid, stable and reliable stablecoin in the digital token space.
The polygon ecosystem has achieved historic growth this year and we believe that tether is essential to help it continue to thrive.
Tether’s USDT is still higher than Ethereum’s USDT as Tether’s circular supply is stable at $ 72.537 billion.
In terms of the amount of tether issued by various blockchains, USDT issued by Tron continues to exceed that issued by Ethereum. At the time of this writing, $ 72,537 million worth of tethers are in circulation and are categorized into various blockchains as follows:
- Tron – $ 38.73 billion
- Ethereum – $ 36.815 billion
- Solana – $ 1,889 million
- Omni – $ 1.335 billion
- Avalanche – $ 651 Million
- Algorand – $ 158.99 million
- EOS – $ 85.251 million
- Liquid – $ 36.561 million
- SLP – $ 5,987,000
- Statemine – $ 500,000
- Polygon – $ 0
Tether’s market capitalization remains stable after this month’s Stablecoin Jitter
Tether is still ranked third in market capitalization, noting that market capitalization has fallen by $ 11 billion as a result of stablecoin jitter in the crypto market caused by UST’s massive depegging event. please.
However, if you zoom out and view Tether’s market capitalization data over the years, you can conclude that USDT’s growth is still unmatched in the field of stablecoin. The graph below, courtesy of Coinmarketcap, provides additional visual clues to Tether’s long-standing growth.
