Stablecoins: Tether Token (USDt) Launches on Polygon

Tether Operations Limited, the company operating the blockchain-enabled platform that “powers the largest stablecoin by market capitalization of over US $73 billion,” has launched Tether tokens (USDt) on Polygon (formerly MATIC), “a leading blockchain development platform.”

The addition of Tether to the Polygon ecosystem is “a milestone moment as it offers a new stablecoin option for more than 8,000 teams building on Polygon.”

Tether is set “to play an essential role in supporting Polygon’s DeFi ecosystem.”

It will aim to “alleviate the potential adverse effects associated with market volatility by providing a stable currency for investors to generate yield, and move in and out of the network.”

Polygon is a “layer two” scaling solution that “runs on top of the Ethereum blockchain — allowing for speedy transactions and low fees.”

Currently, there are more than 19,000 decentralized applications (dApps) “running on its network, a 500% increase from 3,000 dApps in October, per Alchemy data.”

According to the network, its PoS has “processed over 1.6 billion total transactions, with over 142million unique user addresses and over $5 billion in assets safeguarded.”

Paolo Ardoino, CTO at Tether, 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.”

This announcement further “solidifies Tether’s position as the most widely adopted stablecoins, having pioneered the concept in the digital token space.”

The stablecoin is “now live on a total of eleven networks and counting including Kusama, Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, Tron, and Bitcoin Cash’s Standard Ledger Protocol.”

As covered, Tether claims that it is “the preeminent stablecoin with the biggest market capitalization, surpassing that of all rival offerings combined.”

Created in October 2014, Tether has “grown to become the most traded cryptocurrency.”

Tether claims that it is “disrupting the legacy financial system by offering a more modern approach to money.”

By introducing fiat currency-digital cash to the bitcoin, Ethereum, EOS, Liquid Network, Omni, Tron, Algorand and Solana blockchains, Tether “makes a significant contribution to a more connected ecosystem.”

Tether combines digital currency benefits, “such as instant global transactions, with traditional currency benefits, such as price stability.”

With a commitment to transparency and compliance, Tether claims to be “a fast and low-cost way to transact with money.”

As noted in the update, Polygon is “the leading blockchain development platform, offering scalable, affordable, secure and sustainable blockchains for Web3.”

Its growing suite of products “offers developers easy access to major scaling solutions including L2 (ZK Rollups and Optimistic Rollups), sidechains, hybrid, stand-alone and enterprise chains, and data availability.”

Polygon’s scaling solutions “have seen widespread adoption with 19,000+ decentralized applications hosted, 1.6B+ total transactions processed, 142M+ unique user addresses, and $5B+ in assets secured.”

Polygon “is carbon neutral with the goal of leading the Web3 ecosystem in becoming carbon negative.”

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