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

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Near Protocol Supports Tether USDT, Stablecoin Is Now Hosted on 13 Blockchain Networks

On Monday, the stablecoin issuer Tether Operations Limited introduced that the stablecoin tether is now supported by the Near blockchain community. Following a variety of current implementations, Near would be the 14th blockchain community that hosts the most important stablecoin by market capitalization.

Tether Connects With the Near Protocol

Tether has revealed that tether (USDT) is now supported by the Near (NEAR) community, a sensible contract blockchain system launched in April 2020. Near’s market valuation makes it the tenth largest good contract token by market cap, and the twenty fifth out of all 12,905 cryptocurrencies in existence. On September 12, Marieke Flament, CEO of Near Foundation, mentioned USDT help on the Near blockchain will play an important function in decentralized finance (defi).

“We champion initiatives that may carry larger stability to the defi ecosystem and assist us advance the mass adoption of Web3,” Flament mentioned in a press release on Monday. “We look ahead to seeing what Tether will obtain with the launch of USDT on Near Network and the important function it is going to play in shaping the way forward for finance and the digital economic system.”

Near blockchain help will make it the 14th blockchain that hosts tether (USDT) stablecoins. Out of the $153 billion in stablecoin worth immediately, USDT is the most important with a market valuation of round $67.7 billion. Tether’s market cap is the third largest out of immediately’s 12,905 cryptos and it elevated 1.1% in the course of the previous 30 days. Tether’s $67.7 billion market cap represents 6.043% of the whole $1.12 trillion crypto economic system. During the previous 24 hours, USDT has seen $49.10 billion in world commerce quantity, outpacing bitcoin’s (BTC) 24-hour world commerce quantity.

In addition to Near, tether (USDT) can also be 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 at Tether, agrees with Flament’s statements and famous that including stablecoins like USDT will probably be important for the blockchain’s progress.

“We’re excited to launch USDT on Near, providing its group entry to the primary, most steady, and trusted stablecoin within the digital token area,” Ardoino remarked in the course of the announcement. “The Near ecosystem has witnessed historic progress this 12 months and we consider Tether will probably be important in serving to it proceed to thrive.”

Tether has additionally been branching stablecoin options for different fiat currencies. The firm just lately launched a Mexican peso stablecoin and a crypto asset pegged to the British pound sterling. At the top of August, Tether introduced it had employed BDO Italia for month-to-month assurance reviews and the corporate additionally famous that the stablecoin issuer decreased business paper holdings by 58%.

What do you assume about Near Protocol supporting the stablecoin tether? Let us know what you assume about this topic within the feedback part under.

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