Tether’s market capitalization on Polygon experienced a remarkable 29% quarter-over-quarter growth, soaring to $792 million. This surge in the stablecoin’s value can be attributed to several notable developments that have fostered its adoption on the Polygon network. The most recent data from Messari reveals that Polygon’s stablecoin had a staggering market cap of $1.5 billion, marking a substantial 19% increase from the previous quarter.
Messari’s analysis further indicates that Tether’s market capitalization on Polygon witnessed an astounding 29% quarter-over-quarter growth, solidifying its position as the largest stablecoin on the network. In fact, Tether accounted for a significant 53% of the network’s total stablecoin market cap.
The rise in stablecoin adoption on Polygon can be attributed to various significant developments over the years. For instance, Sony Bank commenced testing stablecoins on the Polygon blockchain in April. This initiative aimed to explore the feasibility of utilizing stablecoins as a settlement method for digital products sold by the Sony Group, such as video games. Additionally, Settlemint, a Belgian IT startup, expressed its intention to create a stablecoin using Polygon, further emphasizing the growing importance of the Layer 2 network in the stablecoin ecosystem.
The gaming industry on Polygon also experienced exceptional growth in the first quarter of 2024. Messari observed a staggering 1,615% quarter-over-quarter increase, with the number of daily active addresses associated with the platform’s games reaching 207,000. Furthermore, daily gaming transactions on Polygon witnessed a remarkable 469% quarter-over-quarter growth, totaling 734,000. The phenomenal success of MATR1X’s MATR1X FIRE game played a pivotal 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, marking a 67% quarter-on-quarter increase.
In other crypto news today, OKX has expanded its operations to the Netherlands, launching a new exchange and Web3 wallet to cater to the growing demand in the country. This expansion signifies OKX’s commitment to providing a seamless and secure trading experience for users in the Netherlands.