{"id":570283,"date":"2026-10-09T14:40:01","date_gmt":"2026-10-09T13:40:01","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=570283"},"modified":"2026-10-09T11:46:59","modified_gmt":"2026-10-09T10:46:59","slug":"polygons-8-million-usdt0-holders-face-scrutiny-as-58-of-growth-matches-scam-patterns","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/polygons-8-million-usdt0-holders-face-scrutiny-as-58-of-growth-matches-scam-patterns\/","title":{"rendered":"Polygon&#8217;s 8 million USDT0 holders face scrutiny as 58% of growth matches scam patterns"},"content":{"rendered":"<p><a href=\"https:\/\/cryptoslate.com\/coins\/polygon\/\">Polygon's<\/a> surging <a href=\"https:\/\/cryptoslate.com\/tether-partners-with-layerzero-to-launch-cross-chain-stablecoin-usdt0\/\">USDT0<\/a> holder count masks shrinking balances and suspected scam activity amid its broader push into stablecoin payments.<\/p>\n<p>An <a href=\"https:\/\/bitquery.io\/investigations\/polygon-usdt0-holders\">Oct. 7 investigation by blockchain analytics firm Bitquery<\/a> found that addresses matching scam patterns accounted for 58% of the net growth in Polygon's USDT0 holders since August 2025, raising questions about the quality of adoption figures promoted by the network.<\/p>\n<p>The findings challenge Polygon's recent celebration of <a href=\"https:\/\/x.com\/0xPolygon\/status\/2107506506858213436\">surpassing<\/a> 8.1 million USDT0 holder addresses, the highest among blockchains included in a Token Terminal comparison.<\/p>\n<p>According to Bitquery, roughly 998,000 of the 1.71 million addresses added over the preceding 13 months exhibited patterns associated with <a href=\"https:\/\/cryptoslate.com\/trader-loses-2-5-m-usdt-after-falling-for-address-poisoning-scam-twice\/\">address-poisoning scams.<\/a><\/p>\n<p>The growth came as USDT0 supply on Polygon fell 41%, from $1.35 billion to $798 million. Addresses holding at least $10 also declined 42%, from approximately 1.24 million to 720,000.<\/p>\n<p>Bitquery found that 48% of holders controlled less than one cent, while 65% had neither sent nor received the token during the preceding year.<\/p>\n<p>The investigation also identified approximately 1.42 million addresses matching an <a href=\"https:\/\/cryptoslate.com\/metamask-warns-of-address-poisoning-wallet-scam\/\">address-poisoning<\/a> pattern, with sample-based verification supporting an estimate of 1.1 million scam look-alikes.<\/p>\n<p><a href=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/exec-30b6ca46-d074-4043-a062-2381c6aaa81f.png\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter shoggoth-infographic shoggoth-infographic-portrait wp-image-570288\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/exec-30b6ca46-d074-4043-a062-2381c6aaa81f.png\" alt=\"Bitquery comparison from Aug. 27, 2025 to Oct. 7, 2026: holder addresses rose 27%, estimated addresses holding $10 or more fell 42%, and Polygon token supply fell 41%. Poisoning-pattern addresses accounted for 58% of net holder growth; about 1.1 million look-alikes are estimated.\" width=\"720\" height=\"900\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/exec-30b6ca46-d074-4043-a062-2381c6aaa81f.png 1122w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/exec-30b6ca46-d074-4043-a062-2381c6aaa81f-240x300.png 240w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/exec-30b6ca46-d074-4043-a062-2381c6aaa81f-819x1024.png 819w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/exec-30b6ca46-d074-4043-a062-2381c6aaa81f-768x960.png 768w\" sizes=\"(max-width: 720px) 100vw, 720px\" \/><\/a><\/p>\n<p>Address poisoning involves scammers creating wallet addresses that resemble legitimate payment destinations and sending tiny transactions to potential victims, hoping they mistakenly copy the fraudulent addresses when transferring funds.<\/p>\n<p>These addresses can retain fractional token balances, allowing them to count as holders. Bitquery cautioned that its classification was probabilistic and did not quantify losses from the suspected scams.<\/p>\n<p>The findings reflect Polygon's August 2025 <a href=\"https:\/\/polygon.technology\/blog\/native-usdt0-comes-to-polygon-for-lower-fees-and-deeper-liquidity\">upgrade<\/a> from bridged USDT to native USDT0, which preserved existing token balances and contract addresses. About 67% of current holders first received Tether before the upgrade.<\/p>\n<h2>Polygon's payments ambitions face a measurement problem<\/h2>\n<p>The findings arrive as Polygon increasingly positions itself as a stablecoin payments network, competing for payment processors, institutional liquidity and cross-border settlement activity.<\/p>\n<p>That strategy has coincided with significant transaction growth.<\/p>\n<p>Blockchain analytics platform Growthepie recently <a href=\"https:\/\/x.com\/growthepie_eth\/status\/2107771825518268852\">reported<\/a> that Polygon processed more wallet-to-wallet <a href=\"https:\/\/cryptoslate.com\/stablecoins-make-sending-money-easy-until-someone-needs-to-spend-it\/\">stablecoin transactions<\/a> over seven days than Ethereum's mainnet, and more than Base and Arbitrum combined.<\/p>\n\n<div class=\"cs-article-embed\">\n    <a href=\"https:\/\/cryptoslate.com\/stablecoin-cards-enter-hyper-growth-mode-as-monthly-spending-hits-record-1-17-billion\/\" class=\"cs-article-embed__link\">\n        <div class=\"cs-article-embed__body\">\n            <span class=\"cs-article-embed__related-reading\">Related Reading<\/span>\n            <h3 class=\"cs-article-embed__title\">Stablecoin cards enter \u2018hyper growth\u2019 mode as monthly spending hits record $1.17 billion<\/h3>\n        <\/div>\n        <span class=\"cs-article-embed__arrow\" aria-hidden=\"true\">\n            <i class=\"fa-light fa-arrow-up-right\"><\/i>\n        <\/span>\n    <\/a>\n<\/div>\n\n<p>The metric excludes decentralized finance contracts, although transfers associated with automated activity, including address poisoning, could still contribute to transaction counts.<\/p>\n<p>Meanwhile, DeFiLlama <a href=\"https:\/\/defillama.com\/stablecoins\/polygon\">data<\/a> shows Polygon holds approximately $2.93 billion in stablecoins, with <a href=\"https:\/\/cryptoslate.com\/coins\/usd-coin\/\">Circle's USDC<\/a> accounting for $1.62 billion, or 55.29% of the market.<\/p>\n<p>Tether remains the network's second-largest stablecoin, with approximately $795 million in supply, representing about 27% of the total.<\/p>\n<p>The figures suggest that Polygon's broader stablecoin activity has developed differently from Tether's shrinking capital base, although Bitquery's findings do not establish whether genuine USDT0 payment volumes have declined.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Oct. 7 audit estimates about 1.1 million scam look-alikes, while addresses holding at least $10 fell 42% since August 2025.<\/p>\n","protected":false},"author":720,"featured_media":570329,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77968,77921,9836,32631],"tags":[77433,75695,76896],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - 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