Tether announced the launch of its USDT stablecoin on the Polygon network, a second layer solution for Ethereum. This is the eleventh network on which the largest stablecoin is available.
Currently, USDT can be accessed by users of the Ethereum, Solana, Avalanche, Algorand, Tron, Omni, EOS, Liquid Network, Kusama and Standard Ledger Protocol (Bitcoin Cash cryptocurrency blockchain) networks.
With over 19,000 decentralized applications running on Polygon, adding USDT will make it much easier for users to use these applications and generate income. Although USDT is available on a large number of networks, the only real use of the stablecoin is on Ethereum and Tron.
Now the total capitalization of USDT is more than $72 billion, and the competing stablecoin USDC has a capitalization of $53 billion. USDT capitalization decreased by $9 billion amid the collapse of the Terra ecosystem and the UST stablecoin – two weeks ago, the figure exceeded $83 billion.