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Tether USDT Stablecoin Launches on Near Protocol

Tether USDT Stablecoin Launches on Near Protocol

Tether continues to expand the support of its stablecoin across various blockchain networks. 

Tether Integration Limited, the issuer of Tether (USDT) stablecoin, announced the launch of its USDT to the Near Protocol.

According to the blog post shared on September 12th, this integration is one of the steps Tether is taking to expand its presence in decentralized finance (DeFi).

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Near Protocol is “a smart contract-capable blockchain designed to provide the ideal environment for dApps.” The announcement notes that Near Protocol has recently hit a milestone of being a home to 700 projects.

Tether's Chief Executive Officer, Paolo Ardoino, when talking about the integration, noted:

We’re excited to launch USDâ‚® 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.

The Near Protocol becomes the fourteenth blockchain, where Tether stablecoin (USDT) is supported. The stablecoin can be found on Ethereum, Bitcoin Cash’s Simple Ledger Protocol (SLP), Solana, Tron, Avalanche, EOS, Algorand, Statemine, Tezos, Omni, Kusama, Polygon, and Liquid Network.

The NEAR Foundation CEO, Marieke Flament, claims that she is delighted that Near Network can be a part of Tether’s growth in becoming the future of finance.

We champion initiatives that can bring greater stability to the DeFi ecosystem and help us advance the mass adoption of Web3. We look forward to seeing what Tether will achieve with the launch of USDâ‚® on NEAR Network and the vital role it will play in shaping the future of finance and the digital economy.

At the beginning of September, the majority of USDT was issued on Tron and Ethereum blockchains. According to the data provided on Tether’s website, Tron authorized more than $33 billion, while Ethereum more than $32 billion.

In other news, at the end of August, Tether announced that it will not be banning sanctioned Tornado Cash addresses until instructed otherwise by the U.S. Office of Foreign Assets (OFAC).

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.

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