Tether has expanded its reach in the crypto sector by launching its USDT stablecoin on Polygon (previously Matic Network).
After Ethereum, Solana, Avalanche, Algorand, Tron, Omni, EOS, Liquid Network, Kusama, and Bitcoin Cash’s Standard Ledger Protocol, Polygon will be the 11th blockchain on which USDT will be available.
The debut of USDT on Polygon, according to Tether, will benefit the blockchain network’s ecosystem. On Polygon, over 19,000 decentralized applications are now functioning.
According to Tether, their users can now use USDT to move money in and out of the ecosystem as well as create yield.
While USDT is available on a variety of blockchains, it is most commonly used on Ethereum and Tron, as shown in the graphic below from The Block’s Data Dashboard.
The blockchain is cheaper and faster than Ethereum, which is one of the key reasons for USDT’s appeal on Tron. Traders on Tron prefer USDT to move money between platforms. However, if traders prefer items that are part of the Ethereum ecosystem, they may move to Polygon.
Tether told The Block that it intends to expand the use of USDT to other blockchains. As part of its push into Latin America, the company introduced a Mexican peso-pegged stablecoin earlier this week.
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