Near Network To Onboard Largest Stablecoin – USDT ! – Coinpedia – Fintech & Cryptocurreny News Media

The NEAR Protocol has been eventful for a long time. Today, Tether has launched its USDT stablecoin on NEAR protocol, a layer 1 network that enhances scalability and usability. With this launch, NEAR will be the 13th network to circulate USDT after Ethereum, Solana, Algorand, Avalanche, Polygon, Omni, Tron, EOS, Liquid Network, Tezos, Kusama, and Bitcoin Cash’s Ledger Protocol.

NEAR Adopts The Leading Stablecoin USDT

Tether Operations Limited is the company behind operating the blockchain platform that supports and distributes widely favored and used stablecoin USDT. According to a press release, Tether has launched its coins pegged to the U.S. dollar (USDT) on the NEAR network. The launch of USDT on NEAR will enhance and boost its ecosystem to gain more value in the future. 

This launch means that users of the NEAR network will be able to use USDT for various purposes like staking, generating yield, transferring USDT, etc. In addition, the NEAR network just touched the milestone of 700 projects running on its network. 

Regarding this launch, Tether CTO Paolo Ardoino said, “We’re excited to launch USDT on Near, offering its community access to the first, most stable, and trusted stablecoin in the digital token space. The Near ecosystem has witnessed historical growth this year and we believe Tether will be essential in helping it continue to thrive.”

NEAR Foundation reports that the network has been utilized to execute 300,000 to 400,000 transactions daily. Marieke Flament, CEO of NEAR Foundation, stated, “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.”

NEAR Price Is On The Move!

NEAR Foundation has been continuously putting efforts to give its network great value in the future as it announced a $100 million venture capital fund and lab for the web3 community today. The ongoing developments and ecosystem within the NEAR network build a perfect opportunity for USDT to venture. According to a recent update, NEAR has surpassed 2.25 million transactions with an average of 751k transactions. The network has also witnessed a jump of 17% in account holders. 

According to CoinMarketCap, NEAR is currently trading at $5.18, a spike of 10% from yesterday. NEAR has been outperforming for the past two months due to its innovative modifications. The price of NEAR is anticipated to surge this week following USDT’s launch. The launch of USDT on the NEAR network will further strengthen Tether’s dominance and position in the market. 

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