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

Tether Operations Limited, a stablecoin issuer, announced Monday that the Near blockchain network now supports the stablecoin. Near, which has been the subject of several recent implementations in the past, will now be the 14th largest blockchain network hosting stablecoins by market capitalization.

Tether Connects to the Near Protocol

Tether announced that the Near (NEAR), a smart contract-based blockchain system, now supports tether (USDT). Near is the market value of the smart contract token Near, which makes it the 10th largest by market capital and 25th among all 12,905 cryptos. Marieke Flament (CEO of Near Foundation) stated that USDT support for the Near blockchain will be a crucial part in decentralized financing (defi).

Flament stated that they support initiatives that bring stability to the defi environment and can help us promote the widespread adoption of Web3 in a Monday statement. We look forward to seeing the results Tether achieves with the launch USDT on Near Network, and the important role it will play shaping the future financial and digital economy.

It will be the 14th blockchain to host tether (USDT), stablecoins. USDT has a market value of approximately $67.7 million and is therefore the largest stablecoin with a current value of $153 billion. Tether's market capital is third among today's 12,905 cryptos. It has increased 1.1% in the past 30 days. Tether's market capital of $67.7billion is 6.043% for the $1.12 trillion crypto-economy. USDT's global trade volume has increased by $49.10 billion over the last 24 hours. This is more than bitcoin's 24-hour global volume.

Near hosts tether (USDT), as well as Algorand and Avalanche. It also has Bitcoin Cash's Simple Ledger Protocol, (SLP), Ethereum. Kusama. Omni, Polygon. Tezos. Tron. Solana. Tether's CTO Paolo Ardoino agrees with Flament and notes that stablecoins such as USDT are essential for the growth of the blockchain.

Ardoino stated during the announcement that "We're thrilled to launch USDT onto Near, giving its community access to one of the most stable and trusted stablecoins in the digital token space." "The Near ecosystem has seen a tremendous growth this year, and we believe that Tether will be crucial in helping it thrive."

Tether has been branching stablecoin options for fiat currencies. Tether recently launched a Mexican peso stabilizecoin and a crypto asset that is pegged to the British Pound Sterling. Tether announced that it had hired BDO Italy to provide monthly assurance reports. The company also stated that stablecoin issuesrs have reduced commercial paper holdings by 58%.

What do you think of Near Protocol supporting stablecoin tethering? Please comment below to let us know your thoughts on this topic.

By: Jamie Redman
Title: Near Protocol Supports Tether USDT, Stablecoin Is Now Hosted on 14 Blockchain Networks
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Published Date: Mon, 12 Sep 2022 19:30:29 +0000

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