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.
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.