Tether (USDT) Deployed on Polygon

Tether (USDT) Deployed on Polygon

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2022-05-29 21:12:45

Polygon is the 11th blockchain that market leading stablecoin Tether (USDT) has set foot on.

Tether (USDT) Deployed on Polygon

On the evening of May 27, Tether announced that it had launched USDT on Polygon, the 11th blockchain supported by this stablecoin after Ethereum, Solana, Avalanche, Algorand, TRON, Omni, EOS, Liquid Network, Kusama and Bitcoin Cash.

Tether claims that putting USDT on Polygon will help the network significantly increase the ability to transfer value in the ecosystem. Polygon claims to be home to more than 19,000 dApps, 6 times more than October 2021.

Besides, Polygon has processed more than 1.6 billion transactions of more than 142 million wallet addresses, holding a TVL of up to 5 billion USD. However, according to statistics of DeFi Llama, Polygon’s TVL is currently only 2.35 billion USD, down more than 30% in the last 1 month because of the downward direction of the crypto market.

Tether Chief Technology Officer Paolo Ardoino stated:

“We are delighted to launch USDT on Polgyon, giving the community access to the crypto industry’s most trusted, stable, and liquid stablecoin solution. The Polygon ecosystem has seen tremendous growth this year and we believe Tether will fuel that momentum.”

According to statistical data from the Tether website, USDT has a circulating supply of $72.5 billion – down more than $10 billion from $83 billion in early May. The reason for this is the de- peg that USDT experienced after the LUNA-UST crash in the middle of the month, plus the unclear USDT backing information. Even so, the fact that the project still successfully converted 10 billion USD to meet the withdrawal needs of users shows that Tether is still liquid enough to date.

Of the above 72.5 billion USDT, most are concentrated in TRON and Ethereum, the two networks that have so far recorded the most active USDT usage.

Information on the allocation of USDT supply on blockchains. Source: Tether.io

On the evening of May 26, Tether also announced the release of MXNT, the new stablecoin pegged to the Mexican peso. The company also has other stablecoin products such as EURT (EUR pegged), CHNT (Chinese yuan) and XAUT (backed by gold).

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