Near Protocol Supports Tether USDT, Stablecoin Now Hosted on 14 Blockchain Networks CryptoBlog

On Monday, stablecoin issuer Tether Operations Limited announced that stablecoin tether is now supported by the Near blockchain network. After a number of recent implementations, Near will be the 14th blockchain network that hosts the largest stablecoin by market capitalization.

Tether connects with Near protocol

Tether has revealed that tether (USDT) is now supported by the Near Network (NEAR), a smart contract blockchain system launched in April 2020. Near’s market valuation makes it the tenth largest smart contract token by capitalization scholarship holder, and the 25th of all. 12,905 existing cryptocurrencies. On September 12, Marieke Flament, CEO of Near Foundation, said USDT support on the Near blockchain will play a vital role in decentralized finance (defi).

“We champion initiatives that can bring greater stability to the defi ecosystem and help us advance the mass adoption of Web3,” Flament said in a statement Monday. “We can’t wait to see what Tether will achieve with the launch of USDT on Near Network and the vital role it will play in shaping the future of finance and the digital economy.”

The close blockchain support will make it the 14th blockchain that hosts tether (USDT) stablecoins. Of the $153 billion worth of stablecoins today, USDT is the largest with a market valuation of around $67.7 billion. Tether’s market cap is the third largest out of today’s 12,905 cryptos and it has increased by 1.1% in the last 30 days. Tether’s $67.7 billion market cap represents 6.043% of the entire $1.12 trillion crypto economy. In the past 24 hours, USDT saw a global trade volume of $49.10 billion, surpassing the 24-hour global trade volume of Bitcoin (BTC).

In addition to Near, tether (USDT) is also hosted on Algorand, Avalanche, Bitcoin Cash’s Simple Ledger Protocol (SLP), Ethereum, EOS, Kusama, Liquid Network, Omni, Polygon, Tezos, Tron, Solana, and Statemine. Paolo Ardoino, the CTO of Tether, agrees with Flament’s statements and noted that the addition of stablecoins like USDT will be essential for the growth of the blockchain.

“We are excited to launch USDT on Near, giving its community access to the first, most stable and trusted stablecoin in the digital token space,” Ardoino remarked during the announcement. “The Near ecosystem has seen historic growth this year and we believe Tether will be essential to help it continue to thrive.”

Tether has also branched out into stablecoin solutions for other fiat currencies. The company recently launched a Mexican peso stablecoin and British pound-pegged crypto asset. At the end of August, Tether announced that it had hired BDO Italia for monthly assurance reports and the company also noted that the stablecoin issuer had reduced its commercial paper holdings by 58%.

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What do you think of the Near Protocol supporting the stablecoin? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is the news manager for News and a fintech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written over 6,000 articles for News about disruptive protocols emerging today.

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