Tether announced in an official statement,
“Tether Operations Limited (“Tether”), the business that operates the blockchain-powered platform tether.to that hosts the first and most commonly adopted stablecoin, has released USD-pegged Tether crypto tokens on the NEAR Network.”
The company’s goal to growing its position in decentralized finance (DeFi) environments has advanced significantly with the inclusion of Tether onto the NEAR blockchain. As per the official Twitter feed for the protocol, it is already home to more than 700 ventures. These initiatives include the Aurora Network and the Octopus Network. By the end of July 2022, the daily trading volume on the NEAR network stood between 300,000 and 400,000. Paolo Ardoino, the CTO of Tether, stated, “Tether is now available on NEAR.”
“We’re delighted to debut USD on NEAR, giving its community access to the initial, highly stable, and most trustworthy stablecoin in the crypto token space…The NEAR environment has seen unprecedented growth in 2022, and we think Tether will be vital to its further success.”
Upon completion of this connectivity, USDT will be accessible on fourteen distinct blockchain platforms. As per the media release, these blockchain networks encompass, in addition to NEAR, ‘Algorand, Avalanche, Bitcoin Cash’s Simple Ledger Protocol (SLP), Ethereum, EOS, Kusama, Liquid Network, Omni, Polygon, Tezos, Tron, Solana, and Statemine.’ This will facilitate it to move liquidity between Tether-supporting networks.
In a press announcement, Marieke Flament, CEO of NEAR Foundation, stated,
“We promote and support strategies that can create significant stability to the DeFi environment and aid us progress the widespread adoption of Web3. We’re excited to discover what Tether will accomplish with the unveiling of USD on NEAR Network and the crucial role it will perform in molding the future of finance and the digital economy.”
The entire value of stablecoins on the cryptocurrency market is $153 billion as of today. As per Tether’s Transparency website, the current USDT market capitalisation is approximately $67.7 billion. This puts USDT the most valuable stablecoin by market capitalisation. Tether ranks third in market value among the more than 12,900 cryptocurrencies in circulation today. It has increased by 1.1% during the last thirty days. Tether’s market worth constitutes 6.043% of the overall $1.12 trillion cryptocurrency market. In the preceding twenty-four hours, worldwide transaction volume in USDT was $49.10 billion. This signifies that it has surpassed the 24-hour worldwide trading volume of Bitcoin (BTC).