Tether’s USDT stablecoin has been launched on Polygon (formerly Matic Network), expanding the company’s reach in crypto markets.
Polygon, the 11th Blockchain USDT, will be available after Ethereum, Solana. Algorand. Tron. Omni, EOS. Liquid Network. Kusama. Bitcoin Cash’s Standard Ledger Protocol.
Tether claims USDT’s launch in Polygon on Polygon will benefit the blockchain network’s infrastructure. Polygon currently hosts more than 19,000 distributed applications. Tether said that their users can now use USDT to move funds in and out of the ecosystem and generate yield.
USDT can be used on many blockchains but its highest usage is on Tron and Ethereum. As you can see in the chart below, which is from The Block’s Data Dashboard.
Tron’s popularity of USDT is due to the fact that the blockchain is faster and cheaper than Ethereum. USDT is used more by traders to move money between platforms. If traders prefer products that are not part of the Ethereum ecosystem, they may switch to Polygon.
Tether informed The Block that USDT will soon be available on other blockchains. The firm has launched, a Mexican peso-pegged stabilitycoin, as part of its expansion to Latin America.
