The stablecoin market has reached impressive heights in 2024, surpassing the \$161 billion mark. Among them, Tether (USDT) continues to hold the leading position, with a supply exceeding \$112 billion as of May.
USDT plays a dominant role in fiat-collateralized digital currency transactions, accounting for up to 70% of the total volume.
According to a comprehensive report by Messari, USDT is also the primary stablecoin on the Polygon network. Its supply on this blockchain amounts to an impressive \$729 billion, with the total number of USD-pegged tokens on Polygon reaching 1.5 billion.
Over the past quarter, the capitalization of stablecoins on Polygon has shown significant growth of 19%. Tether accounts for almost 60% of all stablecoin transactions on Polygon, demonstrating its unrivaled influence within this ecosystem.
In addition, analysts have noted a notable rise in gaming projects utilizing the Polygon blockchain's capabilities in the first quarter of 2024.
Users of gaming applications have made a colossal number of transactions, reaching 734,000. The growth in Q1 was an impressive 469%, underscoring Polygon's increasing popularity and adoption within the gaming industry.
