Tether’s USDT Launches on Polygon To Support 19,000 DApps

May 31, 2022, 10:30 PM AEST - 4 weeks ago

Tether recently announced that USDT has been integrated into Polygon, one of the largest Ethereum sidechains. This means that more than 19,000 decentralised applications (DApps) on the Polygon ecosystem will be able to use USDT.

According to a May 27 announcement by Tether, the addition of USDT to the Polygon ecosystem is a “milestone moment” for the company, as it will allow investors to use the stablecoin for transfers and generate yield.

We’re excited to launch USD₮ on Polygon, offering its community access to the most liquid, stable, and trusted stablecoin in the digital token space. The Polygon ecosystem has witnessed historical growth this year and we believe Tether will be essential in helping it continue to thrive.

Paolo Ardoino, CTO, Tether

The news comes shortly after Terra relaunched its blockchain and ditched its old UST token, which this month experienced one of the worst meltdowns in crypto history, raising concerns about the legitimacy of stablecoins worldwide.

Tether Also Launches Mexico Stablecoin MXNT

In other news, Tether has also pivoted into the Latin American market after launching a Mexican peso-pegged stablecoin, which will be initially available on Ethereum, Tron and Polygon.

The new stablecoin, dubbed MXNT, becomes the fourth stablecoin rolled out by Tether. Besides USDT, they are the Euro-pegged EURT and the Chinese Yuan-pegged CNHT.

So far, Tether has maintained its status as the leading stablecoin in the market. However, the company has not always been keen to open its reserves books. Tether periodically releases assurance opinions instead of full audits to disclose its reserves to the public, something that has raised suspicions within the crypto community.

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