Tether Dominates Polygon’s Stablecoin Market With $792M Cap, Up 29% QoQ

Polygon has witnessed a notable increase in its stablecoin market capitalization this quarter.

According to Messari’s latest report, the Ethereum Layer 2 solution’s stablecoin market cap soared to $1.5 billion, reflecting a significant 19% quarter-on-quarter increase.

Stablecoin adoption at Polygon Soars

According to Messari’s report, Tether’s solidified its position as the dominant stablecoin at Polygon, with its market cap growing an impressive 29% QoQ to reach $792 million. This accounted for a whopping 53% of the total market capitalization of stablecoins on the network.

This growth in stablecoin adoption at Polygon has been further fueled by several notable developments over the period.

For example, in April, Sony Bank began testing to explore the use of stablecoins on the Polygon blockchain, with the ultimate goal of evaluating its potential as a method of settling digital sales across the Sony group, including video games.

In addition, Belgian tech company Settlemint announced plans to develop a stablecoin polygon, further underscoring the growing prominence of the Layer 2 network in the stablecoin ecosystem.

“Polygon’s stablecoin market cap increased to $1.5 billion, marking 19% quarter-on-quarter growth. USDT extended its position as the leading stablecoin, with its market cap growing by 29% quarterly to $792 million, representing 53% of the total stablecoin market cap.”

Gaming, DeFi and NFT at Polygon

The gaming sector on Polygon also flourished in the first quarter of 2024. Messari observed that the number of daily active addresses associated with games on the platform soared 1,615% quarter-over-quarter to 207,000 addresses.

Additionally, daily game transactions on Polygon saw a 469% QoT increase to 734,000 transactions. This growth in gaming activity was primarily driven by the immense popularity of MATR1X’s MATR1X FIRE game.

Beyond the gaming sector, Polygon’s decentralized finance (DeFi) ecosystem also saw notable growth, with the number of daily active DeFi addresses increasing by 67% QoQ to reach 50,000 addresses.

While the non-fungible token (NFT) and social sectors also saw increased activity, their scale remained relatively smaller compared to the gaming and DeFi domains of the Polygon ecosystem during the same period

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