Tether launched USDT on NEAR Network, marking the 13th blockchain to announce support for the world's largest stablecoin.
Tether announced the launch of its flagship stablecoin USDT on the NEAR Network, a layer one blockchain network used for building decentralized applications (dApps). The launch marks another blockchain for announcing support for USDT, including Ethereum, Solana, and Polygon, among others.
NEAR Becomes 13th Blockchain to Host USDT
Tether, the blockchain-powered platform behind the stablecoin USDT, said it is launching its USD-pegged tokens on the NEAR Network. The launch makes NEAR the 13th blockchain network to support USDT, following Ethereum, Solana, and others. Paolo Ardoino, CTO at Tether, said,
“We’re excited to launch USD₮ on NEAR, offering its community access to the first, most stable, and trusted stablecoin in the digital token space. The NEAR ecosystem has witnessed historic growth this year and we believe Tether will be essential in helping it continue to thrive.”
Tether said the move would further expand the network’s ecosystem, with roughly 700 projects currently running on NEAR. Tether says USDT allows NEAR users to move their cash in and out of the ecosystem and generate profits.
NEAR Network is a layer one blockchain used by developers to create decentralized applications (dApps). The protocol raised $350 million in April in a funding round led by Tiger Global. The network reported it handles 300,000 to 400,000 transactions per day as of July. Marieke Flament, CEO of NEAR Foundation said,
“We champion initiatives that can bring greater stability to the DeFi ecosystem and help us advance the mass adoption of Web3. We look forward to seeing what Tether will achieve with the launch of USD₮ on NEAR Network and the vital role it will play in shaping the future of finance and the digital economy.”
USDT Remains Ahead of Circle’s USDC Stablecoin
The launch of USDT on NEAR marks another critical milestone for Tether, the largest stablecoin in the world by market cap, trailed by USD Coin (USDC). Earlier this year, Tether announced it partnered with Bitfinex and Hypercore to roll out a blockchain-powered communications app, Keet.
The stablecoin issuer also hired a new accounting firm, BDO Italia, to watch over its asset reserves. Tether reported $66.4 billion in reserves in the June quarter, while total liabilities hit over $66.2 billion in the same period.
The addition of USDT to NEAR reinforces Tether’s position as the most widely adopted stablecoin in the world. USDT’s market cap currently stands at more than $67 billion after plunging below the $70 billion mark last month due to the broader market sell-off.