WHITEH CRYPTO INVEST
WHITEH

Crypto News

post cover

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

Jamie Redman

12 September 2022

Near Protocol Supports Tether USDT, Stablecoin Is Now Hosted on 13 Blockchain Networks

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%.

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


News
13 blockchains
14 blockchains
Algorand
Avalanche
BCH
BDO Italia
bitcoin cash
British Pound
EOS
Ethereum
Kusama
liquid network
Marieke Flament
NEAR
near protocol
near protocol (NEAR)
Near Tether
omni
Paolo Ardoino
peso
Polygon
pound sterling
Solana
Stablecoin
Stablecoin issuer
stablecoin USDT
Statemine
Tether
Tether stablecoin
tethers
Tezos
tron
USDT

https://news.bitcoin.com/near-protocol-supports-tether-usdt-stablecoin-is-now-hosted-on-14-blockchain-networks/

Recent news

We are a cryptomining company. Our mission is to help people create cryptocurrency-based passive income to free up their time for love and creativity.

Copyright © 2021 Whiteh Inc. All rights reserved.