Crypto News

Tether’s market cap on Polygon increased by an amazing 29% QoQ to reach $792 million

Tether’s market cap on Polygon reaches $792 million

Polygon’s stablecoin has skyrocketed in value in three months. Messari’s latest statistics shows the Ethereum Layer 2 stablecoin’s market valuation at $1.5 billion. This is up 19% over the previous quarter.

Messari found that Tether’s market value rose 29% QoQ to $792 million, consolidating its status as Polygon’s largest stablecoin. This made up 53% of the network’s stablecoin market value.

Significant Changes
Several major advancements have boosted Polygon stablecoin usage in recent years. Sony Bank started testing stablecoins on the Polygon blockchain in April to provide a settlement option for Sony Group digital items including video games.

In addition, Belgian IT firm Settlemint plans to establish a stablecoin utilizing Polygon, highlighting the growing relevance of Layer 2 in the stablecoin ecosystem.

And Polygon’s game business had a great first quarter of 2024. The number of daily active Messari gaming addresses increased 1,615% quarter-over-quarter to 207,000.

Polygon’s daily gaming transactions rose 469% QoQ to 734,000. Massively successful MATR1X FIRE game was the main cause of this spike in gaming activity.

Last week, Tether’s Holepunch-powered peer-to-peer (P2P) financial markets terminal said it will eliminate middlemen and transform financial market data. According to CEO Paolo Ardoino, the corporation will spend heavily in this endeavor to make a difference. However, product details are still missing.


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