This move will expand the utility of Tether to thousands of dApps.
Polygon is a Layer 2 scaling solution for the Ethereum network. It enables faster transactions with lower fees, using technologies like optimistic rollups and ZK rollups. There are more than 19,000 dApps run on the network — up from 3,000 in October — created by more than 8,000 developer teams.
USDT stablecoins are pegged to $1 per token. Meanwhile, Tether’s MXNT is pegged to the Mexican peso. Those stable assets are useful for making fast transactions and for reducing the risk caused by market volatility in the DeFi ecosystem.
With the launch on Polygon, USDT is now available on 11 blockchains, including Ethereum, Solana, Avalanche, Algorand, Tron, Omni, EOS, Liquid Network, Kusama, and Bitcoin Cash’s Standard Ledger Protocol.
Paolo Ardoino, CTO at Tether said:
“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,” said Paolo Ardoino, CTO at Tether.
USDT has been undergoing some turbulence following the collapse of TerraUSD (UST). However, Tether’s peg quickly rebounded and the company reassured holders that reserves were fully backed.
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