Tether USDT leads the Polygon stablecoin market with quarterly growth of 29%

Tether’s USDT dominates the Polygon stablecoin market, with a market capitalization of $1.5 billion. Polygon’s stablecoin market capitalization grew significantly this quarter.

Stablecoin adoption surges on Polygon

According to Messari’s latest report, Polygon, a Layer 2 solution for Ethereum, has seen its stablecoin market capitalization soar to a staggering $1.5 billion, a 19% increase compared to the previous quarter.

On Polygon, stablecoin adoption has increased dramatically. According to Messari’s report, Tether’s market value on Polygon increased by 29% to $792 million, accounting for 53% of the total market value of the entire network’s stablecoins. This growth further drives the popularity of stablecoins on Polygon.

For example, Sony Bank began piloting the use of stablecoins on the Polygon blockchain in April with the aim of evaluating their potential as a settlement method for Sony Group’s digital sales, including video games. In addition, Belgian technology company Settlemint also announced plans to develop stablecoins using Polygon, further highlighting the growing importance of Layer 2 networks in the stablecoin ecosystem.

Games, DeFi and NFT on Polygon

In the first quarter of 2024, the gaming field on Polygon also ushered in vigorous development. Messari observed that the number of daily active addresses related to the game increased by 1,615% month-on-month, reaching 207,000 addresses. At the same time, the daily game transaction volume on Polygon also achieved a month-on-month growth of 469%, reaching 734,000 transactions. This growth was mainly due to the huge popularity of MATR1X’s MATR1X FIRE game.

Beyond the gaming space, Polygon’s decentralized finance (DeFi) ecosystem has also experienced significant growth, with the number of daily active DeFi addresses increasing by 67% to reach 50,000 addresses. At the same time, while activity in the non-fungible token (NFT) and social sectors has also increased, they remain smaller compared to the gaming and DeFi sectors in the Polygon ecosystem during the same period.

Conclusion:

As Tether’s USDT dominates the Polygon stablecoin market, we are witnessing the rise of a powerful ecosystem that is not only driving widespread stablecoin adoption, but also growth in key areas such as gaming, DeFi, and NFTs.

Polygon's stablecoin market value growth and increased activity indicate the potential and future development prospects of the cryptocurrency market in diversified application scenarios. Investors and developers should continue to pay attention to this trend and grasp emerging technologies and market dynamics to achieve sustainable growth and innovation.

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