Tether is making headlines following the latest reports. Check them out below.
Tether launches stablecoin on Polygon
Tether has launched its USDT stablecoin on Polygon (formerly Matic Network), expanding its reach in the crypto market.
Just in case you don’t know, 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 also recently said that 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.
It’s also important to note the fact that 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.
The Block online publication notes that 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 in the news
Back in March, we were revealing that according to the latest reports, the leading crypto analytics firm says that surging Tether (USDT) activity could mean big price movement on the horizon for the overall crypto markets.
In a new tweet, Santiment notes that last Thursday and Saturday were the two largest days of 2022 in terms of USDT active addresses that are interacting on the network.
The analytics firm, notes that whether the stablecoin activity surge will be bullish or bearish for crypto remains to be seen.
“Historically, gradually rising active addresses are bullish. A massive cluster of spikes all at once can be a bit more of a volatility marker.”
Stay tuned for more news.
