Stablecoin issuer Tether Operations Limited will continue to expand integrations with blockchain networks, with the launching of the Tether (USDT) stablecoin on the Near Network, as reported by Cointelegraph.
According to Cointelegraph, Tether USDT is now available for trading on the Near Network, a smart contract-based blockchain platform that is designed for decentralised applications, as per an official announcement by Tether. The integration of Tether into the Near blockchain is expected to be part of the firm’s initiative to increase its presence in decentralised finance (DeFi) ecosystems, as stated by the firm. “It will alleviate the potential effects associated with market volatility and accelerate scalability for its users,” the announcement added.
On the basis of information by Cointelegraph, the Near Network is the 11th blockchain which is currently available for Tether USDT, with the stablecoin being made available for trading on blockchain platforms such as Polygon, Kusama, Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, Tron, and Bitcoin Cash’s Standard Ledger Protocol. During the time of the publication’s writing, the maximum share of USDT is issued on Tron and Ethereum, with $33 billion and $32 billion of USDT functional on blockchains, respectively. Insights from Tether transparency state that Tron and Ethereum contribute towards more than 96% of Tether USDT issued.
Moreover, Cointelegraph noted that the addition of Near Network to the Tether’s ecosystem has come during 700 projects being built on Near, including the Aurora Network and the Octopus Network. As of July, average transactions for Near Network’s daily volumes ranged between 300,000 and 400,000. The Near Network will also be launching a $100 million venture capital fund and venture lab aiming for Web3.0 development.
“The NEAR ecosystem has witnessed growth this year, and we believe Tether will be essential in helping it continue to thrive,” Paolo Ardoino, chief technical officer, Tether, said.
(With insights from Cointelegraph)
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