Tether Releases USDT Stablecoin on Near Protocol

• Tether USDT is now accessible on the 11th blockchain, the Near Protocol.
• When it first appeared in 2014, Tether was created on the Bitcoin (BTC) blockchain.

Tether (USDT) has been released on the Near Protocol, marking the latest in Tether Operations Limited’s growing list of blockchain integrations. Tether said on Monday that Tether USDT is now available on the Near Protocol, a blockchain platform that supports smart contracts and is optimized for decentralized applications.

Tether’s addition to the Near blockchain is a significant step. Especially, toward the company’s goal of expanding its role in DeFi ecosystems, the company stated. In addition to Polygon, Kusama, Ethereum, Solana, Algorand, EOS, Liquid Protocol, Omni, Tron, and Bitcoin Cash’s Standard Ledger Protocol, Tether USDT is now accessible on the 11th blockchain, the Near Protocol.

Boosting Expansion

At now, Tron and Ethereum have the most USDT in circulation, with $33 billion and $32 billion in circulation, respectively. According to Tether’s disclosures, more than 96% of all USDT issued is backed by Tron and Ethereum combined.

When it first appeared in 2014, Tether was created on the Bitcoin blockchain using a protocol called the Omni Layer. This protocol is used to create and trade digital assets on top of the Bitcoin Protocol.

Near has reached a big milestone with 700 projects now developing on the Protocol, including the Aurora Protocol and the Octopus Protocol, all of which are now part of the Tether ecosystem. Around 300,000 to 400,000 transactions were processed on the Near Protocol every day as of the month of July. On Monday, the Near Foundation announced the formation of a $100 million venture capital fund. And also a venture lab dedicated to Web3 development. 

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