{"id":13935,"date":"2022-09-12T21:18:36","date_gmt":"2022-09-12T21:18:36","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/near-protocol-supports-tether-usdt-stablecoin-is-now-hosted-on-14-blockchain-networks-bitcoin-news\/"},"modified":"2022-09-12T21:18:36","modified_gmt":"2022-09-12T21:18:36","slug":"near-protocol-supports-tether-usdt-stablecoin-is-now-hosted-on-14-blockchain-networks-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/near-protocol-supports-tether-usdt-stablecoin-is-now-hosted-on-14-blockchain-networks-bitcoin-news\/","title":{"rendered":"Near Protocol Supports Tether USDT, Stablecoin Is Now Hosted on 14 Blockchain Networks \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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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.<\/strong><\/p>\n

Tether Connects With the Near Protocol<\/h2>\n

Tether has revealed that tether (USDT)<\/a> is now supported by the Near (NEAR)<\/a> network, a smart contract blockchain system launched in April 2020. Near\u2019s 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<\/a> support on the Near blockchain will play a vital role in decentralized finance (defi).<\/p>\n

\u201cWe champion initiatives that can bring greater stability to the defi ecosystem and help us advance the mass adoption of Web3,\u201d Flament said in a statement on Monday. \u201cWe look forward to seeing what Tether will achieve with the launch of USDT<\/a> on Near Network and the vital role it will play in shaping the future of finance and the digital economy.\u201d<\/p>\n

Near blockchain support will make it the 14th blockchain that hosts tether (USDT<\/a>) stablecoins. Out of the $153 billion<\/a> in stablecoin value today, USDT<\/a> is the largest with a market valuation of around $67.7 billion. Tether\u2019s market cap is the third largest out of today\u2019s 12,905 cryptos and it increased 1.1% during the past 30 days. Tether\u2019s $67.7 billion market cap represents 6.043% of the entire $1.12 trillion crypto economy. During the past 24 hours, USDT<\/a> has seen $49.10 billion in global trade volume, outpacing bitcoin\u2019s (BTC<\/a>) 24-hour global trade volume.<\/p>\n

In addition to Near<\/a>, tether (USDT)<\/a> is also hosted on Algorand, Avalanche, Bitcoin Cash\u2019s Simple Ledger Protocol (SLP), Ethereum, EOS<\/a>, Kusama, Liquid Network, Omni, Polygon, Tezos, Tron, Solana, and Statemine. Paolo Ardoino, the CTO at Tether, agrees with Flament\u2019s statements and noted that adding stablecoins like USDT<\/a> will be essential for the blockchain\u2019s growth.<\/p>\n

\u201cWe\u2019re excited to launch USDT<\/a> on Near, offering its community access to the first, most stable, and trusted stablecoin in the digital token space,\u201d Ardoino remarked during the announcement. \u201cThe Near ecosystem has witnessed historic growth this year and we believe Tether will be essential in helping it continue to thrive.\u201d<\/p>\n

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

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13 blockchains<\/a>, 14 blockchains<\/a>, Algorand<\/a>, Avalanche<\/a>, BCH<\/a>, BDO Italia<\/a>, bitcoin cash<\/a>, British Pound<\/a>, EOS<\/a>, Ethereum<\/a>, Kusama<\/a>, liquid network<\/a>, Marieke Flament<\/a>, NEAR<\/a>, near protocol<\/a>, near protocol (NEAR)<\/a>, Near Tether<\/a>, omni<\/a>, Paolo Ardoino<\/a>, peso<\/a>, Polygon<\/a>, pound sterling<\/a>, Solana<\/a>, Stablecoin<\/a>, Stablecoin issuer<\/a>, stablecoin USDT<\/a>, Statemine<\/a>, Tether<\/a>, Tether stablecoin<\/a>, tethers<\/a>, Tezos<\/a>, tron<\/a>, USDT<\/a><\/div>\n<\/div>\n

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. <\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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