Davos, Switzerland, 27 May 2022: Tether Operations Limited (“Tether”), the company operating the blockchain-enabled platform tether.to that powers the largest stablecoin by market capitalization of over US $73 billion, has launched Tether tokens (“USD₮”) on Polygon (formerly MATIC), a leading blockchain development platform.
The addition of Tether to the Polygon ecosystem is a milestone moment as it offers a new stablecoin option for more than 8,000 teams building on Polygon. Tether is set to play an essential role in supporting Polygon’s DeFi ecosystem. It will alleviate the potential adverse effects associated with market volatility by providing a stable currency for investors to generate yield, and move in and out of the network.
Polygon is a “layer two” scaling solution that runs on top of the Ethereum blockchain — allowing for speedy transactions and low fees. Currently, there are more than 19,000 decentralized applications (dApps) running on its network, a 500% increase from 3,000 dApps in October, per Alchemy data. According to the network, its PoS has processed over 1.6 billion total transactions, with over 142million unique user addresses and over $5 billion in assets safeguarded.
“We’re excited to launch USD₮ 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.”
This announcement further solidifies Tether's position as the most widely adopted stablecoin, having pioneered the concept in the digital token space. The stablecoin is now live on a total of eleven networks and counting including Kusama, Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, Tron, and Bitcoin Cash’s Standard Ledger Protocol.
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Tether supports and empowers growing ventures and innovation as a digital token built on multiple blockchains.