Tether expands with launch of dollar-pegged stablecoin on Polygon

Tether expands with launch of dollar-pegged stablecoin on Polygon

Tether is now available on over 11 blockchain networks.

Tether has launched its USDT token on Polygon, an Ethereum scaling platform. As a result, the largest stablecoin by market cap is now available on more than 11 blockchains, the company said.

The addition of USDT, which is pegged 1:1 to the dollar and has a market cap of more than $73 billion, will help support Polygon's decentralized financial ecosystem (DeFi) by providing a stable currency for investors to generate returns and move in and out of the network.

Polygon is a Layer 2 scaling solution running on the Ethereum blockchain to enable faster transactions and lower fees. More than 19,000 decentralized applications (Dapps) are running on the network, six times more than in October, Alchemy data shows.

Polygon has processed more than 1.6 billion total transactions to date with more than 142 million unique user addresses and has more than $5 billion in blocked value.

"We are excited to launch USDt on Polygon and provide the community with access to the most liquid, stable and trusted stablecoin in the digital token space," said Paolo Ardoino, Chief Technology Officer of Tether. "The Polygon ecosystem has seen historic growth this year, and we believe Tether will be instrumental in helping it continue to thrive."

Tether was already available on networks such as Kusama, Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, Tron and Bitcoin Cash's Standard Ledger Protocol.