Tether USDT Stablecoin Becomes Available 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 for 700 projects.

Tether chief executive offices, Paolo Ardoino, when talking about the integration, noted:

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.

The Near Protocol becomes a 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 he 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 USD₮ 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).

by Aaron S. – Expert Reviewer, BitDegree