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Polygon Roundup: Tether USDT and Peso-backed MXNT Launch on Polygon, Highlights from WEF 2022

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Polygon cofounder Mihailo Bjelic spent the better of last week interacting with fellow attendees of this year's edition of the World Economic Forum (WEF) annual meeting in Davos.

Polygon is seeing more interest from enterprises around the world

He later shared on Sunday that the trip to Switzerland was a productive one, adding that Polygon is gaining popularity among institutions.

“I was honestly surprised to see that everyone is well aware of Polygon: banks, enterprises, media companies, NGOs. […] Everyone wants to learn more and work with us.”

In a chat with CNBC's Arjun Kharpal, the Polygon cofounder gave his two cents on various subjects, including the Terra-inspired crypto crash in May. Bjelic explained that the crypto industry is advancing by the day, which is reflected by the large sums flowing into the sector from venture capital firms and other institutions recently.

The information system engineer highlighted that the market side of the industry doesn't necessarily represent the progress of developments in the underlying technology

What we're seeing on the market side or on the prices side, it's not necessarily correlated with what is actually happening in the technology sector when it comes to technology development adoption,” he said. ” Some valuations probably got overblown a little bit, and I think this is normal and in economy you always have these cycles and ups and downs.”

The executive went on that the current bearish cycle has not deterred the Polygon team, which is ‘stronger than ever' and ‘laser-focused' on developing better projects and simultaneously fostering their adoption. Bjelic remarked that the Polygon is bullish on the tech in the long-term, cautioning that progress is not necessarily correlated with value against the dollar.

Bjelic's claims that ‘everyone wants to work with' Polygon may well not be exaggerated as two stablecoin projects recently launched on the chain.

Tether launches Peso-backed stablecoin in a foray into Latin America

Last Thursday, Tether sent a press release confirming the launch of a Peso-backed MXNT token, with the token set for support on the Ethereum and Polygon blockchains. MXNT would be pegged to the Mexican Peso 1:1.

This launch marked Tether's initial entry into the Latin American market to add to the tokens that the stablecoin issuer has launched in the past – the dollar-backed USDT, EURO-backed EURT, and the Chinese Yuan's CNHT stablecoin. Tether is now well-positioned to spread by launching fiat-pegged stablecoins in other Latin American countries.

The MXNT stablecoin is aimed at providing a boost to the multibillion-dollar flow industry of remittances in Mexico, as the token provides a unique path toward crypto adoption and utility benefits. Moreover, having the Peso on Polygon and Ethereum blockchains allows for faster and cheaper rates for asset transfers.

Tether's CTO Paolo Ardoino noted that the launch of MXNT would smoothen the transition for those seeking to migrate their assets and investments into digital currencies and move away from fiat. Backed by a reliable customer experience like other Tether stables, Ardoino posited that MXNT would also serve as a store of value.

Notably, Tether also offers Tether Gold, XAUT –  a token pegged to an ounce of superb gold.

Tether's stablecoin USDT launches on Polygon

Not long after the MXNT token launch, Tether announced the addition of its USDT stablecoin to Polygon. The move. USDT boasts of the highest market capital of any stablecoin, with $72.49 billion at the time of writing. Only Bitcoin and Ethereum have more market capital.

Polygon joins a list of ten other supported chains, including Algorand, Solana and Ethereum. Users of the more than 19,000 dApps on Polygon can now use the stablecoin to facilitate transactions across the network and generate yield.

In a statement issued last Friday, Tether chief executive Paolo Ardoino highlighted the impressive growth that Polygon has seen this year. Ardoino added that the stablecoin will play a crucial role in boosting the ecosystem's growth.

 eBay debuts its maiden NFT collection on Polygon

Online marketplace eBay last Monday launched its NFT collection with the first drop featuring 3D animated renditions of the ice hockey great Wayne Gretzky. The release was in partnership with multi-chain NFT marketplace OneOf and the NFTs hosted on Polygon. NFTs in this collection dubbed ‘Genesis' are hosted on Polygon.

eBay is the latest name to tap on the Polygon blockchain for an NFT project. Other companies that have either hosted their projects on the chain or partnered with Polygon in the past are Adidas, Adobe, Dolce & Gabbana, Meta and Stripe.

To learn more about Polygon visit our Investing in Polygon guide.

Sam is a financial content specialist with a keen interest in the blockchain space. He has worked with several firms and media outlets in the Finance and Cybersecurity fields.