Tether, the startup behind the world's most valuable stablecoin, is now selling $USDT tokens on Polygon.

Polygon facilitates USDT launch on chain!

Tether, the startup behind the world's most valuable stablecoin, is now selling $USDT tokens on Polygon. Tether was first produced through the Omni Layer on the Bitcoin protocol, but it has subsequently migrated to other networks like Ethereum, resulting in greater trade volumes and liquidity in recent years.

Tether's involvement in the creation of Polygon's DeFi ecosystem will be extremely beneficial. Tether is the world's third-largest cryptocurrency, with a market valuation of more than $75 billion as of May 2022, trailing only Bitcoin and Ethereum. It is designed to have a one-to-one exchange rate with the US dollar. It is also the cryptocurrency with the biggest daily trading volume, often surpassing Bitcoin.

With a suite of products that includes Polygon PoS, Polygon Supernets, and Polygon Avail, Polygon has processed over 1.6 billion transactions, with over 142 million unique user addresses and over $5 billion in assets secured, establishing itself as the industry leader in terms of scaling solutions for Ethereum. In addition, the team is investing in cutting-edge zero-knowledge (ZK) technology, which will be crucial in converting the next billion users to Web3.

Polygon, on the other hand, is aware of the bigger consequences of technological advancement for the globe. As a result, the core team will retroactively reduce all of the network's carbon debts and become carbon negative by 2022. Polygon has teamed up with KlimaDAO to purchase $400,000 in carbon credits, as well as a $20 million commitment to community activities and technological projects aimed at combating climate change.

We’re excited to launch USDt on Polygon, offering its community access to the most liquid, stable, and trusted stablecoin in the digital token space,” communicated 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.

Written By

Petrache Ionut

May 31, 2022