Tether USDT Stablecoin Went Live on Near Protocol to Extend DeFi Presence

• Tether was officially listed on Near Protocol on Monday,12th September. 
• Tether is live on approximately eleven other protocols. 

Tether operation Limited, a prominent stablecoin issuer, constantly expands its integrations with various blockchain networks, launching Tether(USDT) on Near Network.    

On Monday 12th September Tether was officially announced on Near Network. Near is a smart contract-enabled blockchain platform designed for decentralized applications.  

Tether operation Limited said that integrating Tether into the Near blockchain is a significant milestone in the firm’s pledge to expand its existence in the decentralized finance(DeFi) ecosystem. Extending thought firm said, “It will alleviate the potential adverse effects associated with market volatility and accelerate scalability for its users.”   

The Near Network is listed among eleven blockchains currently available for USDT(Tether) stablecoin. USDT is also listed on Liquid Network, Tron, Solana, Algorand, EOS, Ethereum, Kusama, Bitcoin Cash Standard Ledger protocol, and several others.    

While writing this article, Tron and Ethereum, the biggest share of USDT, are issued with over $32 billion and $33 billion operating on both blockchains. As per the mathematical calculation, Tron and Ethereum is the biggest issuer of USDT, around 96%. 

Tether was originally launched and issued in 2014 on the Bitcoin blockchain with the help of Omni Layer Protocol is a protocol used for programming and trading digital assets on top of Bitcoin. 

According to old reports of July, the Near network daily volume was between 300,000 to 400,000 transactions.             

On 12th September, Near Foundation declared the launch of a $100 million venture capital fund and venture lab targeting Web3 development. The Swiss NGO established the VC fund in cooperation with Caerus, a newly launched investment firm established by IMG vice president Nathan Pillai.   

In the second quarter of 2022, Tether diminished its business paper possessions from $20 billion to $8.5 billion, a decline of over 58%, per another report from the organization.

The report was completed with a part firm of BDO, one of the greatest public bookkeeping networks on the planet.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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