Tether, the company behind the largest stablecoin by market capitalization, is now offering their $USDT tokens on Polygon. Tether was first issued on the Bitcoin protocol via the Omni Layer, but it has since migrated to other networks such as Ethereum, resulting in increased trading volumes and liquidity in recent years.
Polygon's DeFi ecosystem will benefit greatly from Tether's role in its development. Designed to have a one-to-one exchange rate with the US dollar, Tether is the world's third-largest cryptocurrency with a market capitalization of more than $75 billion, as of May 2022, trailing only Bitcoin and Ethereum. It also frequently ranks as the cryptocurrency with the highest daily trading volume, even surpassing Bitcoin.
Based on data from Alchemy, Polygon is home to over 19,000 dApps, a growth of more than five times from October 2021. Tether's integration into Polygon now gives more than 8,000 different teams using the platform an additional stablecoin option. Market volatility will be reduced as a result, and investors will have a major stable digital currency to generate returns from while moving freely within and across the network.
Polygon has processed more than 1.6 billion transactions, with over 142 million unique user addresses and over $5 billion in assets secured, establishing itself as the industry leader in terms of scaling solutions for Ethereum, with a suite of products that includes Polygon PoS, Polygon Supernets, and Polygon Avail. The team is also investing in cutting-edge zero-knowledge (ZK) technology, which will be pivotal to converting the next billion users to Web3.
At the same time, Polygon is not oblivious to the broader implications of technological progress for the planet. The core team will therefore eliminate all of the network's carbon debts retroactively and become carbon negative by 2022. Polygon has joined forces with KlimaDAO to purchase $400,000 in carbon credits and also committed $20 million to community initiatives and technology projects to combat climate change.
“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. “The Polygon ecosystem has witnessed historical growth this year and we believe Tether will be essential in helping it continue to thrive.”
Learn more about Tether here and visit our blog to stay up to date with the Polygon ecosystem!
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