Tether has launched its USDT stablecoin on the Polygon blockchain in a step expected to boost the network’s Decentralized Finance offering.
The announcement reportedly strengthens Tether’s stance as the most widely used stablecoin, having started the concept in the digital token space.
Tether is currently available on networks including Ethereum, Kusama, Solana, Algorand, and the Standard Ledger Protocol. The firm’s CTO, Paolo Ardoino, expressed optimism that the step will provide more liquidity to the Polygon network.
USDT has a market capitalization of $73 billion, with the usage reportedly the highest in Ethereum and Tron blockchains.
Polygon is a layer two scaling solution based on the Ethereum blockchain for offering faster transactions and lower fees. The network features more than 19,000 DApps and has since completed over 1.6 billion transactions from 142 million addresses.