Skip to main content

Near Protocol Supports Tether USDT, Stablecoin Is Now Hosted on 14 Blockchain Networks

Near Protocol Supports Tether USDT, Stablecoin Is Now Hosted on 13 Blockchain Networks

On Monday, the stablecoin issuer Tether Operations Limited announced that the stablecoin tether is now supported by the Near blockchain network. Following a number of recent implementations, Near will be the 14th blockchain network that hosts the largest stablecoin by market capitalization.

Tether Connects With the Near Protocol

Tether has revealed that tether (USDT) is now supported by the Near (NEAR) network, a smart contract blockchain system launched in April 2020. Near’s market valuation makes it the tenth largest smart contract token by market cap, and the 25th out of all 12,905 cryptocurrencies in existence. On September 12, Marieke Flament, CEO of Near Foundation, said USDT support on the Near blockchain will play a vital role in decentralized finance (defi).

“We champion initiatives that can bring greater stability to the defi ecosystem and help us advance the mass adoption of Web3,” Flament said in a statement on Monday. “We look forward to seeing what Tether will achieve with the launch of USDT on Near Network and the vital role it will play in shaping the future of finance and the digital economy.”

Near blockchain support will make it the 14th blockchain that hosts tether (USDT) stablecoins. Out of the $153 billion in stablecoin value today, USDT is the largest with a market valuation of around $67.7 billion. Tether’s market cap is the third largest out of today’s 12,905 cryptos and it increased 1.1% during the past 30 days. Tether’s $67.7 billion market cap represents 6.043% of the entire $1.12 trillion crypto economy. During the past 24 hours, USDT has seen $49.10 billion in global trade volume, outpacing bitcoin’s (BTC) 24-hour global trade volume.

In addition to Near, tether (USDT) is also hosted on Algorand, Avalanche, Bitcoin Cash’s Simple Ledger Protocol (SLP), Ethereum, EOS, Kusama, Liquid Network, Omni, Polygon, Tezos, Tron, Solana, and Statemine. Paolo Ardoino, the CTO at Tether, agrees with Flament’s statements and noted that adding stablecoins like USDT will be essential for the blockchain’s growth.

“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,” Ardoino remarked during the announcement. “The Near ecosystem has witnessed historic growth this year and we believe Tether will be essential in helping it continue to thrive.”

Tether has also been branching stablecoin solutions for other fiat currencies. The company recently launched a Mexican peso stablecoin and a crypto asset pegged to the British pound sterling. At the end of August, Tether announced it had hired BDO Italia for monthly assurance reports and the company also noted that the stablecoin issuer decreased commercial paper holdings by 58%.

What do you think about Near Protocol supporting the stablecoin tether? Let us know what you think about this subject in the comments section below.



from Bitcoin News https://ift.tt/h0uzw2k
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

DefiDollar Listing on AscendEX

PRESS RELEASE. AscendEX, formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant trading veterans, has announced the listing of the DefiDollar Token (DFD) under the pair USDT/DFD on Apr 29 at 1:00 p.m. UTC. DefiDollar is a DeFi lab that aims to bring mass adoption to DeFi with a wide-ranging product suite. The first product offering to go live will be the stablecoin index – DUSD, with ibBTC and optionCoin currently in development. DefiDollar (DUSD) aspires to be a risk-insured stablecoin layer for DeFi. It is designed to provide a safe and stable way for users to hold their assets with DUSD being optimized for peg safety, yield, and diversification. DefiDollar uses DeFi primitives to stay close to the dollar mark. DUSD provides an avenue for diversifying stablecoin holdings to hedge against an event where the underlying stablecoins like Tether or DAI deviate from their peg. DUSD is collateralized by Curve Finance LP tokens. DFD is the n...
Post a Comment
Read more