Tether USDT stablecoin goes live on Near Protocol to boost DeFi presence

Main stablecoin issuer Tether Operations Restricted continues increasing integrations with various blockchain networks, launching the Tether (USDT) stablecoin on the Close to Community.

Tether USDT is now stay on the Close to Community, a wise contract-enabled blockchain platform designed for decentralized purposes, Tether formally announced on Monday.

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The combination of Tether into the Close to blockchain is a significant milestone within the agency’s dedication to extend its presence in decentralized finance (DeFi) ecosystems, the agency stated. “It would alleviate the potential hostile results related to market volatility and speed up scalability for its customers,” the announcement added.

The Close to Community is the eleventh blockchain that’s presently accessible for Tether USDT. The stablecoin is now additionally stay on chains like Polygon, Kusama, Ethereum, Solana, Algorand, EOS, Liquid Community, Omni, Tron and Bitcoin Money’s Commonplace Ledger Protocol.

On the time of writing, the most important share of USDT is issued on Tron and Ethereum, with $33 billion and $32 billion of USDT operating on the blockchains, respectively. Collectively, Tron and Ethereum make up greater than 96% of Tether USDT issued, based on Tether transparency.

Launched in 2014, Tether was initially launched and issued on the Bitcoin (BTC) blockchain by way of the Omni Layer protocol, an answer used for constructing and buying and selling digital belongings on prime of Bitcoin.

The addition of Close to Community to the Tether’s ecosystem comes amid Close to hitting a significant milestone of 700 tasks now constructing on Close to, together with the Aurora Community and the Octopus Community. As of July, the Close to community’s every day volumes averaged between 300,000 to 400,000 transactions.

Associated: Tether responds to Wall Street Journal ‘disinformation’

The Close to Basis additionally announced on Monday the launch of a $100 million enterprise capital fund and enterprise lab focusing on Web3 improvement. The Swiss nonprofit launched the VC fund in cooperation with Caerus, a newly launched funding agency based by IMG vp Nathan Pillai.

“The NEAR ecosystem has witnessed historic progress this 12 months and we consider Tether might be important in serving to it proceed to thrive,” Tether chief technical officer Paolo Ardoino stated.