Tether launches its USDT stablecoin on the Polygon network

Tether, the world’s largest stablecoin firm, has launched its USDT stablecoin on the Polygon network bringing its utility to the over 19,000 decentralized purposes (dApps) operating on Polygon.

Polygon, a layer 2 (L2) scaling resolution for the Ethereum network, permits cheaper and quicker transaction prices utilizing ZK rollups and optimistic rollups applied sciences. Its dapps have been created by greater than 8k developer groups from 3k in October.

Tether has a wide range of tokens backed by belongings with a extra “secure” worth like the industrial paper and US treasury payments. These belongings hold Tether tokens pegged to at least one greenback every. Besides, Tether had just lately introduced a brand new stablecoin, MXNT, launch that will likely be pegged on Mexican Peso.

Advantages of secure belongings

Stable belongings are crucial as they assist to extend the price of commerce in the market in addition to cubbing all the dangers concerned in the DeFi ecosystem when it comes to market volatility.

Polygon is now the 11th blockchain to host USDT. Other blockchains that host USDT are; Solana, Ethereum, Avalanche, Omni, Kusama, Algorand, EOS, Bitcoin Cash’s Standard Ledger Protocol, and Tron.

Paolo Ardoino, Tether CTO mentioned:

“We’re excited to launch USD₮ on Polygon, providing its neighborhood entry to the most liquid, secure, and trusted stablecoin in the digital token house.” 

Notably, USDT had confronted some turbulence after TerraUSD (UST) collapsed. This couldn’t be handled since UST was an algorithmic stablecoin that was backed by unstable crypto as an alternative of direct {dollars}.

However, Tether’s recovered its peg rapidly and reassured its holders that their reserves had been totally backed.

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