Tether’s USDT stablecoin is now available on Polygon.
Tether has expanded its reach in the crypto sector by launching its USDT stablecoin on Polygon (previously Matic Network).
After Ethereum, Solana, Avalanche, Algorand, Tron, Omni, EOS, Liquid Network, Kusama, and Bitcoin Cash’s Standard Ledger Protocol, Polygon will be the 11th blockchain on which USDT will be available.
The debut of USDT on Polygon, according to Tether, will help the blockchain network’s ecosystem scale and reach new users. More users can now use USDT to move money in and out of the ecosystem while producing income, thanks to the more than 19,000 decentralized applications operating on Polygon, according to Tether.
Although USDT is available on a variety of chains, it is most commonly used on Ethereum and Tron, as shown in the graph below.
Source: The Block’s Data Dashboard.
The blockchain (Tron) is cheaper and faster than Ethereum, which is one of the key reasons for USDT’s adoption of Tron. Traders on Tron prefer USDT to move money between platforms. However, if traders prefer items that are part of the Ethereum ecosystem, they may move to Polygon.
Tether has stated that it intends to release USDT on additional blockchains. As part of its push across Latin America, the company debuted a Mexican peso-pegged stable coin earlier this week.
As written by Niranjan Duguta
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