Tether Expands With Introduction of Dollar-Pegged Stablecoin on Polygon

Tether is now available on over 11 blockchain networks.

AccessTimeIconMay 27, 2022 at 1:00 p.m. UTC
Updated May 27, 2022 at 7:53 p.m. UTC

Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

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 shows.

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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Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

CoinDesk - Unknown

Shaurya is an analyst/editor for CoinDesk's markets team in Asia.