USDT goes live on the NEAR Protocol, making it the 14th blockchain network to support Tether

USDT goes live on the NEAR Protocol, making it the 14th blockchain network to support Tether

USDT goes live on the NEAR Protocol, making it the 14th blockchain network to support Tether

The NEAR protocol takes its DeFi dream a step further by hosting Tether. The platform aims for mass adoption of Web3

By Shashank Bhardwaj

Image: Shutterstock

Stablecoin issuer Tether Operations Limited announced on Monday that stablecoin Tether (USDT) is now supported by the NEAR blockchain network. NEAR is now the 14th blockchain network to host the most popular stablecoin. Tether stated in an official announcement,

“Tether Operations Limited (“Tether”), the company that operates the blockchain-enabled platform powering the first and most widely used stablecoin, has launched Tether tokens pegged to the US dollar (“USD₮”) on the NEAR Network .”

Tether’s integration into the NEAR blockchain is a significant step forward in the company’s commitment to expanding its presence in decentralized finance (DeFi) ecosystems. According to the protocol’s official Twitter page, it is now home to over 700 projects. Aurora Network and Octopus Network are two of these projects. As of July 2022, the NEAR network’s daily transaction volumes ranged from 300,000 to 400,000. Speaking about Tether’s availability on NEAR, Paolo Ardoino, CTO of Tether, said,

“We are excited to launch USD₮ on NEAR, offering the community access to the first, most stable and reliable stablecoin in the digital token space… The NEAR ecosystem has witnessed historic growth this year, and we believe that Tether will be crucial in helping it continue to thrive.”

With this integration, USDT will be available on 14 different blockchain networks. According to the official press release, these networks in addition to NEAR include ‘Algorand, Avalanche, Bitcoin Cash’s Simple Ledger Protocol (SLP), Ethereum, EOS, Kusama, Liquid Network, Omni, Polygon, Tezos, Tron, Solana and Statemine. ‘ This will make it easier to transfer liquidity between networks that support Tether.

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Marieke Flament, Executive Director of the NEAR Foundation, said in a public statement,

“We champion initiatives that can bring greater stability to the DeFi ecosystem and help us promote the mass adoption of Web3. We look forward to seeing what Tether will achieve with the launch of USD₮ on the NEAR Network and the important role it will play in shaping the future for finance and digital economy.”

Today, the total value of stablecoins in the crypto market is 153 billion dollars. According to Tether’s Transparency page, the total market capitalization of USDT in circulation is currently around $67.7 billion. This makes USDT the largest stable coin in terms of market cap. Tether has the third largest market capitalization among over 12,900 cryptos in circulation today. It has risen 1.1 percent in the last 30 days. Tether’s market cap represents 6.043 percent of the entire $1.12 trillion crypto economy. USDT has seen $49.10 billion in global trading volume in the last 24 hours. This indicates that it has surpassed even Bitcoin’s (BTC) 24-hour global trading volume.

Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash

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