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- Tether (USDT) has officially launched the stablecoin on the Polygon Network.
- The stablecoin issuer has revealed plans to expand into a new blockchain after launching a new product for the South American market.
- Tether has been heavily criticized for its reserves and suffered a panic after it was de-pegged for a short period.
After putting up with a tense few weeks, Tether (USDT) has launched on blockchain Polygon and is looking for a Series 12 to join its growing list.
Welcome to the polygon
Tether launched the USDT stablecoin on the Polygon (MATIC) blockchain as it continues to spread across cryptocurrencies. The latest addition means that USDT is available on 11 blockchains including Ethereum, Tron, Solana, Algorand, Avalanche, Kusama, and others.
Paolo Arduino, Tether’s chief technology officer, is excited about the new launch as groundbreaking for both parties. “We are excited to launch USDT on Polygon, providing its community with access to the most liquid, stable and reliable stablecoin in the digital token space.”
“The Polygon ecosystem has experienced historic growth this year, and we believe tether will be essential to help it continue to thrive,” Arduino said.
Polygon is one of the fastest growing blockchains in the space and has made a name for itself as a Layer-2 expansion solution built on the Ethereum infrastructure. The blockchain has 19,000 decentralized applications (DApps) running on the platform and after months of waiting, users can interact with USDT to earn revenue and move funds in and out of the ecosystem.
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After this news, MATIC posted a small rally to make up for some of the losses incurred in the previous weeks. The token is trading at $0.5813, while trading volumes overlap with $500 million as the community welcomes the news.
Currently, Tron and Ethereum have the highest use of USDT but Polygon’s affinity with Ethereum and cheap fees could make it take a portion of Tron’s stake.
the rope is shaped
Rope Launch a new stablecoin which was pegged to the Mexican peso last week. Called MXNT, the stablecoin launched on the Ethereum, Tron, and Polygon blockchains is the fourth stablecoin pegged to the one launched by Tether.
“Introducing a stable currency pegged to the peso will provide a store of value for those in emerging markets especially Mexico,” Arduino said. Despite the new offers, Tether has had to address claims about its reserves as lawmakers call for stricter regulations on stablecoins.
In the middle of the month, USDT lost 3 cents of its next value TerraUSD (UST) breakdown. Investors sold the asset in a panic but Ardoino played it nicely by saying the company would continue to process paybacks for $1. . added “Tether has not and will not refuse redemptions to any of its customers that it has always exercised.”
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