Tether's USDT stablecoin launches on Polygon

Tether has launched its USDT stablecoin on Polygon (formerly Matic Network), expanding its reach in the crypto market.

Polygon is the 11th blockchain USDT will be available on, after Ethereum, Solana, Avalanche, Algorand, Tron, Omni, EOS, Liquid Network, Kusama and Bitcoin Cash's Standard Ledger Protocol.

Tether says USDT's launch on Polygon will help the blockchain network's ecosystem. There are currently more than 19,000 decentralized applications running on Polygon. Their users can now utilize USDT to move money in and out of that ecosystem and to generate yield, said Tether.

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While USDT is available across many blockchains, its usage on Ethereum and Tron is the highest, as can be seen on the chart below from The Block's Data Dashboard.

One of the main reasons for USDT's popularity on Tron is because the blockchain is cheaper and faster than Ethereum. Traders use USDT on Tron more for moving money between platforms. But if traders show a preference for products that remain within the Ethereum ecosystem, they might switch to Polygon.

Tether told The Block that it plans to launch USDT on more blockchains. Earlier this week, the firm launched a Mexican peso-pegged stablecoin as part of its expansion into Latin America.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.