Tether USDT Now Live on Near Network: A New Era for Stablecoins

Tether USDT Joins the Near Network Revolution

Tether Operations Limited has officially launched its stablecoin, Tether (USDT), on the Near Network, a move that’s got the blockchain community buzzing. The announcement on Monday marked a new chapter in Tether’s mission to integrate itself deeply into decentralized finance (DeFi) ecosystems.

What This Means for Users

The integration into the Near blockchain is not just a feather in Tether’s cap; it’s a strategy to enhance scalability and combat the lurking specters of market volatility. With the promise of smoother transactions and better user experiences, this partnership may just be what the decentralized world needs. Tether claims that this initiative will make trading and using USDT more reliable for everyone involved.

A Growing Family of Blockchains

Now, USDT is live on 11 different blockchains, including powerhouses like Tron, Ethereum, and Polygon. Here’s a quick rundown:

Polygon
Kusama
Ethereum
Solana
Algorand
EOS
Liquid Network
Omni
Tron
Bitcoin Cash’s Standard Ledger Protocol

The sheer number of platforms is an indication of Tether’s strategy to become the go-to stablecoin across all types of blockchain systems.

USDT Dominance: A Quick Financial Rundown

A large chunk of the USDT supply is found on Tron and Ethereum, with $33 billion and $32 billion respectively. In fact, these two blockchains account for a whopping 96% of all USDT issued. It’s safe to say that if you’re dealing with USDT, you’re likely engaging in transactions on either of these platforms.

Historical Context

Since its launch in 2014, Tether has evolved significantly. Originally created on the Bitcoin blockchain via the Omni Layer protocol, Tether has transformed from a digital asset to a cornerstone of many blockchain transactions.

The Buzz Around Near Network

Near Network isn’t just sleepily expanding; it’s also celebrating a milestone: 700 projects are actively being developed. This includes the innovative Aurora Network and Octopus Network. As of July, Near was handling around 300,000 to 400,000 daily transactions. Not too shabby!

Future Ventures: A $100 Million Bet on Web3

Additionally, to complement this launch, the Near Foundation has rolled out a $100 million venture capital fund, in partnership with Caerus, focused on nurturing Web3 development. We can only imagine what kinds of projects will sprout from this initiative, potentially making the Near ecosystem more vibrant than a New York City block party!

“The NEAR ecosystem has witnessed historical growth this year and we believe Tether will be essential in helping it continue to thrive,” commented Tether’s chief technical officer, Paolo Ardoino. It seems both Tether and Near share a vision of collaborative growth, and given their track records, they might just pull it off!