Leading stablecoin issuer Tether Operations Limited continues to expand its integration with various blockchain networks, launching the Tether (USDT) stablecoin on the Near Network.
Tether USDT is now live on Near Network, a smart contract-enabled blockchain platform designed for decentralized applications, Tether officially announced on Monday.
The integration of Tether into the Near blockchain is a major milestone in the company’s commitment to increasing its presence in the decentralized finance (DeFi) ecosystem, the company said. “It will reduce potential negative impacts associated with market volatility and accelerate scalability for users,” the announcement added.
Near Network is the 11th blockchain currently available on Tether USDT. Stablecoins are now also used by chains such as Polygon, Kusama, Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, Tron, and Bitcoin Cash’s Standard Ledger Protocol.
At the time of writing, the largest share of USDT has been issued on Tron and Ethereum, with $33 billion and $32 billion USDT respectively running on the blockchain. According to Tether Transparency, Tron and Ethereum together account for over 96% of Tether USDT issued.
Launched in 2014, Tether was first launched and issued on the Bitcoin (BTC) blockchain via the Omni Layer Protocol, a solution used to build and trade digital assets on Bitcoin. I was.
Nia network additions to the Tether ecosystem will take place within Nia hitting It’s a major milestone for the 700 projects currently building on Near, including the Aurora Network and the Octopus Network. As of July, his daily trading volume on the Near network averaged between 300,000 and 400,000 transactions.
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On Monday, the Near Foundation also announced the launch of a $100 million venture capital fund and venture lab focused on Web3 development. The Swiss nonprofit has launched a VC fund in partnership with Caerus, an investment firm just founded by IMG Vice President Nathan Pillai.
“The NEAR ecosystem has experienced historic growth this year and we believe Tether is essential to its continued prosperity,” said Paolo Ardoino, Chief Technology Officer at Tether. .