Tether has launched and is offering USDT on the Polygon (MATIC) network which is aimed to boost Polygon’s DeFi ecosystem
USDT Debuts On Polygon Network
Tether (USDT), a stablecoin, has debuted on a new chain. The stablecoin will now be available on the Polygon (MATIC) network, according to the following tweet from the project’s staff.
Aim Is To Boost Polygon’s DeFi Ecosystem
The DeFi ecosystem on Polygon, according to the official announcement of Tether’s activation on the latter network, ‘will profit enormously from Tether’s role in its development.’
Tether’s integration into Polygon means that the stablecoin’s liquidity is now available to over 19,000 Dapps and 8,000 developer teams.
Polygon’s 142 million unique user addresses “will have a big stable digital currency to produce profits from while traveling freely within and across the network,” according to the company.
Paolo Ardoino, Tether’s CTO, went on to say that the Polygon ecosystem has grown tremendously, and that Tether will continue to support it. He stated,
“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.”
Paolo Ardoino, Tether’s CTO
USDT Market Cap Remains Stable Despite Recent Crisis
Tether, which is still ranked third in terms of market capitalization, has seen its market cap drop by $11 billion as a result of stablecoin jitters in the crypto market, which were sparked by UST’s large depegging event.
Zooming out to look at Tether’s market capitalization over time, however, it’s clear that USDT’s growth is still unrivaled in the stablecoin space.
The figure below, courtesy of Coinmarketcap, gives a visual representation of Tether’s growth over time.