Tether Operations Limited has announced on Monday that the Near network will now support the stablecoin token. Near is the new 14th network to host the largest stablecoin market capitalization.
The Near Protocol is connected to Tether
Tether revealed today that USDT (tether) has been supported by Near (NEAR), which is a smart-contract blockchain system. It was 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. Marieke Flament (CEO of Near Foundation) stated that USDT support for the Near blockchain would play an important role in decentralized financing (defi) on September 12.
“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.”
The 14th blockchain to host USDT stablecoins will have near blockchain support. USDT, which has a market capitalization of $67.7billion and a value of $153billion in stablecoins today is the biggest with an estimated market cap of about $157.7billion. 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 also offers stablecoin alternatives for other fiat currencies. Tether recently introduced a Mexican peso-based stablecoin as well as a crypto asset that is pegged to sterling. Tether revealed that it has hired BDO Italia to provide monthly assurance reports. The company noted also that stablecoin issues had reduced commercial paper holdings by 58%.
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