USDT goes live on NEAR Protocol, making it the 14th blockchain network to support Tether
NEAR protocol takes its DeFi dream a step ahead by hosting Tether. The platform aims for mass adoption of Web3
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Stablecoin issuer Tether Operations Limited announced on Monday that the stablecoin Tether (USDT) is now supported by the NEAR blockchain network. NEAR is now the 14th blockchain network to host the most popular stablecoin. Tether stated in an official announcement,
"Tether Operations Limited (“Tether”), the company operating the blockchain-enabled platform tether.to that powers the first and most widely used stablecoin, has launched Tether tokens pegged to the U.S. dollar (“USD₮”) on the NEAR Network."
Tether's integration into the NEAR blockchain is a significant step forward in the company's commitment to expanding its presence in decentralised finance (DeFi) ecosystems. According to the protocol's official Twitter page, it is now home to over 700 projects. The Aurora Network and the Octopus Network are two of these projects. As of July 2022, the NEAR network's daily transaction volumes ranged from 300,000 to 400,000. Talking about Tether's availability on NEAR, Paolo Ardoino, CTO at Tether, said,
"We’re excited to launch USD₮ on NEAR, offering its community access to the first, most stable, and trusted stablecoin in the digital token space…The NEAR ecosystem has witnessed historic growth this year, and we believe Tether will be essential in helping it continue to thrive."
With this integration, USDT will be available on 14 different blockchain networks. According to the official press release, in addition to NEAR, these networks include 'Algorand, Avalanche, Bitcoin Cash’s Simple Ledger Protocol (SLP), Ethereum, EOS, Kusama, Liquid Network, Omni, Polygon, Tezos, Tron, Solana and Statemine.' This will make it easier to transfer liquidity between networks that support Tether.
