Tether has launched its stablecoin USDT on Polygon (formerly Matic Network), expanding its reach in the crypto market.
Before Polygon, USDT was present on many popular blockchains such as Ethereum, Solana, Avalanche, Algorand, Tron, Omni, EOS, Kusama...
Tether said the launch of USDT on Polygon will greatly help the Polygon ecosystem in the future.
— Polygon – MATIC (@0xPolygon) May 27, 2022
Currently more than 19.000 VND free application “Our users will be able to use USDT to move funds in and out of the Polygon ecosystem and generate profits,” said Tether, which is running on Polygon.
Although USDT is present on many blockchains, the only two with the highest usage are Ethereum and Tron. We can see it more clearly in the chart below:
One of the main reasons for the popularity of USDT on Tron is that the blockchain is cheaper and faster than Ethereum. Traders use USDT on Tron more to transfer funds between platforms but if traders show a preference for products that are still in the Ethereum ecosystem, they can switch to Polygon.
Tether said that in the near future it plans to launch USDT on many less popular blockchains.