On Monday, stablecoin issuer Tether Operations Limited announced that stablecoin tether is now supported by the Near blockchain network. Following a series of recent implementations, Near will be the 14th blockchain network to host the largest stablecoin by market capitalization.
Tether is connected to the Near protocol
Tether has revealed that tether (USDT) is now supported by the Near (NEAR) network, a blockchain smart contract system launched in April 2020. Near’s market valuation makes it the tenth largest smart contract token by market capitalization and the 25th of all There are 12,905 cryptocurrencies. On September 12, Marieke Flament, CEO of the Near Foundation, said that USDT support on the Near blockchain will play a vital role in decentralized finance (defi).
“We support initiatives that can bring more stability to the defi ecosystem and help us drive the mass adoption of Web3,” Flament said in a statement on Monday. “We look forward to seeing what Tether will achieve with the launch of USDT on the Near Network and the vital role it will play in shaping the future of finance and the digital economy.”
The near blockchain support will make it the 14th blockchain to host tether (USDT) stablecoins. Of the $153 billion in stablecoin value today, USDT is the largest with a market valuation of around $67.7 billion. Tether’s market cap is the third largest of today’s 12,905 cryptocurrencies and is up 1.1% over the past 30 days. Tether’s market cap of $67.7 billion represents 6.043% of the total crypto economy of $1.12 trillion. During the last 24 hours, USDT recorded 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, Tether’s CTO, agrees with Flament’s statements and noted that the addition of stablecoins like USDT will be necessary for blockchain development.
“We are excited to launch USDT on Near, giving its community access to the first, most stable and reliable 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 to stablecoin solutions for other fiat currencies. The company recently launched a Mexican peso stablecoin and a crypto asset pegged to the British pound sterling. In late August, Tether announced that it had hired BDO Italia for monthly assurance reporting, and the company also noted that the stablecoin issuer reduced its commercial paper holdings by 58%.
What do you think about the Near Protocol supporting stablecoin tether? Let us know what you think about this topic in the comments section below.
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