Tether’s stablecoin launched on the Polygon network which is the 11th network to host USDT tokens, benefiting from their value stability on dapps so let’s read more today in our latest Tether news.
Tether as the company behind the world’s biggest stablecoin launched its premier Tether token across Polygon and this will bring utility to thousands of dapps that run on the blockchain. Polygon is a layer-2 scaling solution for the ETH network and allows for faster transactions with lower fees while also using technology like ZK rollups and optimistic rollups.
Over 19,000 dapps run on the network which is an increase from 3000 in October and was created by more than 8000 developer teams. Tether issued a variety of tokens backed by assets with a stable value like the US Treasury bills and commercial paper. The assets are used to keep the token pegged to a stable value. Tether’s USDT tokens are value pegged to the dollar and in the meantime, Tether’s announced MXNT is also pegged to the Mexican peso. These stable assets are helpful for executing faster trades in the market and for lowering risks caused by market volatility in the DEFI ecosystem.
With the Polygon launch, USD is available on 11 blockchains and these include Solana, Ethereum, Algorand, Tron, Avalanche, EOS, Liquid Network, and Kusama. The CTO Paolo Ardoino added:
“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.”
USDT experienced some instability after the stablecoin panic with the Terra collapse and UST was an algorithmic stablecoin that was backed by unstable crypto rather than the dollar, however, Tether’s peg recovered fast and the company reassured its users that reserves are fully backed.
The press release from May 26 informed that the new stablecoin will join Tether’s growing product line that consists of four fiat currency-pegged assets and the company launched USDT, EURT, and CNHT backed by the Chinese yuan. Mexico is a growing market in terms of crypto adoption which is why the company decided to tap its national currency for the next stablecoin. Launched on Ethereum, Polygon, and Tron, MXNT was built by the trusted team of developers behind Tether and it is pegged to the Mexican Peso.
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