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 a recent report from Messari, the market value of Polygon’s stablecoin, an Ethereum Layer 2 solution, has soared to a staggering $1.5 billion, a 19% increase compared to the previous quarter.
On Polygon, stablecoin adoption has risen sharply. 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 stablecoins on the entire network. This growth has further promoted the popularity of stablecoins on Polygon.
For example, Sony Bank began experimenting with stablecoins on the Polygon blockchain in April, with the goal 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 a stablecoin using Polygon, further highlighting the growing importance of Layer 2 networks in the stablecoin ecosystem.
Games, DeFi, and NFTs on Polygon
In the first quarter of 2024, the gaming sector on Polygon also saw a boom. Messari observed that the number of daily active addresses related to gaming increased by 1,615% month-on-month to 207,000 addresses. At the same time, the daily gaming transaction volume on Polygon also achieved a 469% month-on-month increase to 734,000 transactions, 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 fostering growth in key sectors such as gaming, DeFi, and NFTs.
The growth in the market value and activity of Polygon's stablecoins indicates 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. #Polygon #稳定币 #Tether
