Home CryptocurrencyAltcoin Tether USDT stablecoin is launched on Near Protocol to increase DeFi presence

Tether USDT stablecoin is launched on Near Protocol to increase DeFi presence

by SuperiorInvest

Major stablecoin issuer Tether Operations Limited continues to expand integrations with various blockchain networks and launches Tether (USDT) stablecoin on the Near Network.

Tether USDT is now live on the Near Network, a smart contract-enabled blockchain platform designed for decentralized applications, officially Tether he announced on Monday.

The integration of Tether into the Nea ecosystem is a major milestone in the firm’s commitment to increase its presence in decentralized finance (DeFi) ecosystems, the firm said. “It will mitigate the potential adverse effects associated with market volatility and accelerate scalability for its users,” the announcement added.

Nea Network is the eleventh blockchain currently available for Tether USDT. The stablecoin is also now live on chains such as Polygon, Kusama, Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, Tron and Standard Ledger Protocol Bitcoin Cash.

Tether was originally launched in 2014 launched and issued in Bitcoin (BTC) blockchain through the Omni Layer protocol, a solution used to build and trade digital assets above Bitcoin.

The addition of the Near Network to the Tether ecosystem comes in the midst of Near bit a major milestone of 700 projects now building on Near, including the Aurora network and the Octopus network. In July, the Near network’s daily volumes averaged between 300,000 and 400,000 transactions.

Related: Tether Responds to Wall Street Journal ‘Disinformation’

The Near Foundation as well he announced on Monday launching a $100 million venture capital fund and venture capital lab focused on Web3 development. The Swiss non-profit organization has launched a venture capital fund in partnership with Caerus, a newly launched investment firm founded by IMG Vice President Nathan Pillai.

“The NEAR ecosystem has seen historic growth this year, and we believe Tether will be instrumental in helping it continue to thrive,” said Tether CTO Paolo Ardoino.

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