Tether USDT stablecoin now on Near Protocol

Tether officially announced goin live on the Near network on Monday. Near network, Ethereum competitor, is a smart contract-enabled blockchain platform designed for decentralized applications that  focuses on developer and user-friendliness.

Tether has long ago aimed to  increase its presence in decentralized finance (DeFi) ecosystems and now this is an act toward the achievement of this purpose. 

According to Tether firm: 

“It will alleviate the potential adverse effects associated with market volatility and accelerate scalability for its users.”

See also: buy and sell Tether

This is the eleventh network that Tether is going live on after Polygon, Kusama, Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, Tron and Bitcoin Cash’s Standard Ledger Protocol. 

It is worth mentioning that with $33 billion and $32 billion of USDT running on Tron and Ethereum,  these two blockchains have the biggest share of USDT issued according to the transparency of Tether.

Tether which was originally launched and issued on the Bitcoin (BTC) blockchain via the Omni Layer protocol to be built and traded on top of Bitcoin. 

Paolo Ardoino, the CTO of Tether, has commented on the matter by saying:  

“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. […] The NEAR ecosystem has witnessed historical growth this year and we believe Tether will be essential in helping it continue to thrive.”

According to a Tweet by the Near network, the recent event is a huge milestone for the network as the addition of Tether has made it home to more than 700 projects.