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

On Monday, stablecoin issuer Tether Operations Limited announced that the tether stablecoin is now backed by the near blockchain network. After several recent implementations, Near will be the 14th blockchain network hosting the largest stablecoin by market capitalization.

Tether Connects to Proximity Protocol

Tether has revealed that lanyard (USDT) currently supported by 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 capitalization and the 25th in total. 12,905 cryptocurrencies are in existence. On September 12, Marieke Flament, Executive Director of the Near Foundation, said USDT Support on Blockchain is near going to play an important role in decentralized finance (defi).

“We support initiatives that can bring more stability to the defi ecosystem and help us drive Web3 mass adoption,” Flament said in a statement Monday. “We look forward to seeing what Tether will achieve at launch USDT on the Near Network and its critical role in shaping the future of finance and the digital economy. “

Near-blockchain support would make it the 14th blockchain to host tether (USDT) stablecoins. Get out 153 billion dollars by stablecoin value today, USDT is the largest with a market valuation of about $67.7 billion. Tether’s market capitalization is the third largest among 12,905 cryptocurrencies today, and it has grown 1.1% in the past 30 days. Tether’s $67.7 billion market capitalization represents 6.043% of the entire $1.12 trillion crypto economy. In the past 24 hours, USDT saw a global trade volume of $49.10 billion, outstripping bitcoin (BTC) 24 hour global trade volume.

Outside Nearby, lanyard (USDT) also hosted on Algorand, Avalanche, Bitcoin Cash Simple Ledger Protocol (SLP), Ethereum, EOS, Kusama, Liquid Network, Omni, Polygon, Tezos, Tron, Solana and Statemine. Paolo Ardoino, CTO at Tether, agrees with Flament’s statement and notes that adding stablecoins like USDT will be essential for the development of blockchain.

“We are very excited to launch USDT on Near, giving the community access to the first, most stable, and most trusted stablecoin in the digital token space,” Ardoino commented during the announcement. “The Near ecosystem has seen historic growth this year and we believe Tether will be essential in helping it continue to grow.”

Tether has also branched out stablecoin solutions to other fiat currencies. Recent company launched a Mexican peso stablecoin and a pegged crypto asset GBP. At the end of August, Tether announced that they had Hire BDO Italia for monthly assurance reports, and the company also noted that the stablecoin issuer has reduced its commercial paper holdings to 58%.

Cards in this story

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What do you think about Near Protocol support for stablecoin tether? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at News and a fintech journalist living in Florida. Redman has been an active member of the crypto community since 2011. He has a passion for Bitcoin, open source and decentralized applications. Since September 2015, Redman has written over 6,000 articles for News about the groundbreaking protocols emerging today.

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