Tether leads the Polygon Stable coin segment with an impressive $792M market cap
Polygon has seen impressive growth in its fixed-income market capitalization this quarter.
According to Messari’s latest report, the stablecoin market cap on the Ethereum Layer 2 solution rose to a whopping $1.5 billion, representing a whopping 19% growth quarter over quarter.
Stablecoin taken on the polygon is flying
According to Messari’s report, Tether has solidified its position as the dominant stablecoin on Polygon. Its market capitalization increased an impressive 29% QoQ to $792 million, accounting for 53% of the network’s total stablecoin market capitalization.
This growth in polygon stablecoin adoption has been further enhanced by several notable developments during this period.
For example, in April, Sony Bank launched a trial to explore the use of conventional currencies on a multicorner blockchain. The ultimate goal is to test their potential as a mechanism for digital settlement trading across the Sony Group, including video games.
Also, Belgian tech company Settlement announced plans to develop a stablecoin using Polygon, further highlighting the growing presence of Layer 2 networks in the stablecoin ecosystem.
“Polygon’s stablecoin market capitalization has grown to $1.5 billion, marking 19% growth QoQ. USDT expanded its position as the leading stablecoin, with its market cap growing 29% QoQ to $792 million, representing 53% of the total stablecoin market cap”.
Polygon games, DeFi, and NFT
The gaming industry also grew at Polygon in the first quarter of 2024. Messari noted that the number of daily active addresses associated with gaming on the platform increased by 1,615% from the third quarter to 207,000 addresses.
Additionally, daily game transactions at Polygon increased by 469% QoQ, rising to 734,000 transactions. This increase in gaming activity was mainly due to the huge popularity of MATR1X MATR1X FIRE games.
In addition to the gaming department, Polygon’s decentralized finance (DeFi) ecosystem also saw notable growth, with the number of active daily DeFi addresses increasing 67% QoQ to 50,000 addresses.
While non-fungible tokens (NFT) and social services also saw an increase in activity, their size remained small compared to the gaming and DeFi domains of the polygon ecosystem over the same period.
Conclusion: Tether’s impressive $792 million market cap on the Polygon network underscores its dominance in the stablecoin sector and its essential role in the DeFi ecosystem.
