The Tether Protocol Establishes a Connection With the Near Protocol
Tether has announced that the Near (NEAR) network will now support the tether (USDT) cryptocurrency. The Near network is a smart contract blockchain technology that will be released in April 2020. Because of its market worth, Near is now ranked tenth among the most valuable smart contract tokens and twenty-fifth overall among the 12,905 cryptocurrencies that are currently in circulation. On September 12, the CEO of the Near Foundation, Marieke Flament, stated that the inclusion of USDT support on the Near blockchain will play an essential part in decentralized finance (defi).
"We champion initiatives that can provide greater stability to the defi ecosystem and help us accelerate the mainstream adoption of Web3," Flament said in a statement on Monday. "We champion actions that can bring greater stability to the defi ecosystem." "We are looking forward to witnessing what Tether will achieve with the launch of USDT on Near Network and the significant role it will play in forming the future of finance and the digital economy,"
With the addition of support for the near blockchain, it will become the 14th blockchain that contains tether (USDT) stablecoins. The value of stablecoins as of now totals over $153 billion, with USDT having the highest market valuation at approximately $67.7 billion. Tether's market cap is the third largest out of the 12,905 cryptocurrencies that are active today, and it has climbed by 1.1% over the course of the previous 30 days. Tether's current market worth of $67.7 billion equals 6.043% of the total crypto economy, which is now valued at $1.12 trillion. The 24-hour worldwide trade volume of bitcoin (BTC) was lower than the 24-hour global trade volume of tether (USDT), which was $49.10 billion.
Tether (USDT) is not only hosted on Near, but also on Algorand, Avalanche, Bitcoin Cash's Simple Ledger Protocol (SLP), Ethereum, EOS, Kusama, Liquid Network, Omni, Polygon, Tezos, Tron, Solana, and Statemine. Near is the primary host for tether. Tether's Chief Technical Officer, Paolo Ardoino, is in agreement with Flament's views and emphasized that the addition of stablecoins like as USDT would be vital for the evolution of the blockchain.
During the announcement, Ardoino made a comment that can be paraphrased as follows: "We are pleased to launch USDT on Near, allowing its community access to the first, most reliable, and trusted stablecoin in the digital token industry." "This year has been a watershed year for the Near ecosystem, and we believe that Tether will play a crucial role in ensuring that it continues to thrive in the years to come."
Additionally, Tether has been expanding out into providing stablecoin solutions for several other fiat currencies. The company only recently introduced a stablecoin based on the Mexican peso as well as a digital asset that is pegged to the British pound sterling. Tether made the announcement that it has hired BDO Italia to produce monthly assurance reports at the end of August. The business also mentioned that the stablecoin issuer had reduced its commercial paper holdings by 58% during the same time period.