Tether’s market cap on Polygon witnessed an astounding 29% increase quarter-over-quarter, reaching a staggering $792 million. Several factors have contributed to the growing adoption rate of stablecoins on the Polygon network.
In the past three months, the market value of Polygon’s stablecoin has experienced a significant surge. According to Messari’s recent data, the market cap of Ethereum Layer 2 solution’s stablecoin reached $1.5 billion, marking a substantial 19% growth compared to the previous quarter.
Messari’s analysis reveals that Tether’s market cap on Polygon increased by an impressive 29% quarter-over-quarter, reaching $792 million. This further solidifies Tether’s position as the largest stablecoin on the network, accounting for a substantial 53% of the total stablecoin market cap.
There have been noteworthy developments that have contributed to the adoption rate of stablecoins on Polygon in recent years. For instance, Sony Bank conducted tests on the Polygon blockchain in April to explore the potential of stablecoins as a settlement method for digital products sold by the Sony Group, such as video games.
Belgian IT startup Settlemint has also expressed its intention to create a stablecoin using Polygon, emphasizing the increasing significance of the Layer 2 network in the stablecoin ecosystem.
Moreover, Polygon’s gaming industry experienced remarkable growth in the first quarter of 2024. According to Messari, the number of daily active addresses associated with the platform’s games witnessed a staggering 1,615% quarter-over-quarter increase, reaching 207,000 addresses.
The number of daily gaming transactions on Polygon also saw a substantial 469% quarter-over-quarter increase, reaching 734,000 transactions. The exceptional success of MATR1X’s MATR1X FIRE game played a significant role in driving this surge in gaming activity.
In addition to the gaming sector, Polygon’s decentralized finance (DeFi) ecosystem witnessed significant growth, with 50,000 active DeFi addresses, reflecting a 67% quarter-over-quarter increase.
In today’s highlighted crypto news, OKX has expanded its operations to the Netherlands with the introduction of a new exchange and Web3 wallet.
