On Monday, the stablecoin issuer Tether Operations Limited announced that the stablecoin tether is now supported by the Near blockchain network. Following a number of recent implementations, Near will be the 14th blockchain network that hosts the largest stablecoin by market capitalization.
Tether Connects With the Near Protocol
Tether has revealed that tether (USDT) is now supported by the Near (NEAR) network, a smart contract blockchain system launched in April 2020. Near’s market valuation makes it the tenth largest smart contract token by market cap, and the 25th out of all 12,905 cryptocurrencies in existence. On September 12, Marieke Flament, CEO of Near Foundation, said USDT support on the Near blockchain will play a vital role in decentralized finance (defi).
“We champion initiatives that can bring greater stability to the defi ecosystem and help us advance 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 Near Network and the vital role it will play in shaping the future of finance and the digital economy.”
Near blockchain support will make it the 14th blockchain that hosts tether (USDT) stablecoins. Out 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 out of today’s 12,905 cryptos and it increased 1.1% during the past 30 days. Tether’s $67.7 billion market cap represents 6.043% of the entire $1.12 trillion crypto economy. During the past 24 hours, USDT has seen $49.10 billion in global trade volume, outpacing bitcoin’s (BTC) 24-hour global trade volume.
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, the CTO at Tether, agrees with Flament’s statements and noted that adding stablecoins like USDT will be essential for the blockchain’s growth.
“We’re excited to launch USDT on Near, offering its community access to the first, most stable, and trusted stablecoin in the digital token space,” Ardoino remarked during the announcement. “The Near ecosystem has witnessed historic growth this year and we believe Tether will be essential in helping it continue to thrive.”
Tether has also been branching stablecoin solutions for other fiat currencies. The company recently launched a Mexican peso stablecoin and a crypto asset pegged to the British pound sterling. At the end of August, Tether announced it had hired BDO Italia for monthly assurance reports and the company also noted that the stablecoin issuer decreased commercial paper holdings by 58%.
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Jamie Redman
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