USDT stablecoin is now live on the Polygon blockchain

Tether Operations Limited, the firm that operates tether.to, a blockchain-enabled platform, announces the launch of its USDT stablecoin on Polygon’s blockchain.

Polygon is a Layer 2 scaling solution for Ethereum that offers near-instant transaction confirmations, low transaction fees, and high scalability.

With this launch, Polygon becomes the first blockchain to offer USDT stablecoin support. Tether is the world’s largest stablecoin by market capitalization, with over US$24 billion in circulation.

Tether’s status as a stable crypto is bolstered by this latest development, which is a significant step for the firm. As Polygon houses thousands of decentralized applications and projects. 

Polygon’s fast transaction speeds and low fees offer a compelling value proposition for projects looking to move away from Ethereum.

The Polygon network is also compatible with Ethereum’s ERC20 token standard. Making it easy for projects to migrate their tokens over to Polygon.

Tether expects that the Polygon network will provide a more efficient and cost-effective way to transact with USDT. And is planning to migrate a significant portion of its total supply over to Polygon in the coming months.

This move by Tether is likely to increase confidence in Polygon. And could lead to more projects flocking to the network in search of faster transaction speeds and lower fees.

Tether claims that it will be an important part of Polygon’s DeFi ecosystem, according to the press release.

Tether will minimize the possibility of negative repercussions from market volatility. By providing a secure currency for investors to earn yield and do an in and out movement of the network.

Paolo Ardoino, the Chief Technology Officer (CTO) at Tether, comments that this is an essential step for the company. He says;

“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. The Polygon ecosystem has witnessed historical growth this year, and we believe Tether will be essential in helping it continue to thrive.”

Tether is currently the world’s largest stablecoin, with a market cap of over $72 billion. The stablecoin is available on many blockchains. Including Ethereum, Ledger Protocol, Bitcoin Cash, EOS, Liquid Network, Omni, Tron, Kusama, Algorand, Solana, and now Polygon.

Polygon has become a popular destination for DeFi projects in recent months, with a total value locked (TVL) of over $13 billion.

The Polygon team is also working on scaling solutions for Ethereum. Which could make the blockchain more attractive to DeFi developers and users.

The Tether team praised Polygon’s addition, which it said further establishes the firm as the most widely used stablecoin.

The Polygon platform was created by the same company that launched Ethereum. It’s a “two layer” scaling solution that runs on top of the Ethereum blockchain, allowing for faster transaction speeds and cheaper costs.

There are now over 19,000 decentralized applications (dApps) operating on its network, up from 3,000 in October, according to Alchemy.

“Polygon’s ETH gas fees are stable and low, while transaction speeds are much faster than Ethereum’s base layer. This makes Polygon the perfect platform for Tether to launch our USDT token,” says Paolo Ardoino, CTO of Tether and Bitfinex.

Proof of Stake (PoS) has handled more than 1.6 billion transactions, according to QuadrigaCX, a major Canadian exchange. In addition, the network includes over 142 million unique user addresses and $5 billion in assets preserved.

Polygon’s native token MATIC has seen a price surge of over 5,000% in the last six months.

“We are thrilled to welcome Tether onto Polygon. Polygon is committed to bringing Ethereum scale to thousands of dApps and billions of users,” said Sandeep Nailwal, co-founder of Polygon.