Enlarging its footprint in the crypto world, Tether, the company behind USDT, has announced that it will now launch the world’s largest stablecoin on the Near network. Near is a smart contract platform that hosts close to 700 projects.
The addition of USDT will improve the usability of the platform. Since July, the Near network has been processing between 300K to 400K transactions per day. According to the release by Tether, users on the Near network can move money in and out of the ecosystem using USDT and generate higher yields.
“The Near ecosystem has witnessed historical growth this year and we believe Tether will be essential in helping it continue to thrive,” Tether CTO Paolo Ardoino said.
The move will also strengthen USDT’s position in the stablecoin market, which has witnessed some large shake-ups since the crash of Terra Luna’s UST.
Near is the 13th blockchain to support USDT. The other blockchain includes Ethereum, Algorand, Omni, Liquid Network, Solana, Avalanche, Polygon, Kusama, Bitcoin Cash’s standard ledger protocol, Tezos, Tron, and EOS.
The Near Foundation also announced the introduction of a $100 million venture capital fund and venture lab focussing on Web 3.0 growth. The VC fund has been launched in partnership with Caerus, a newly launched investment firm.
FAQs
Which blockchain is tether usdt?
Tether (USDT) is issued on several different blockchains, including:
1) Ethereum (ETH): Tether was initially launched as an ERC-20 token on the Ethereum blockchain and is one of the most widely used versions of USDT.
2) Tron (TRX): Tether is also available as a TRC-20 token on the Tron blockchain.
What is the tether to near protocol?
In the broader context of blockchain and smart contract platforms like the NEAR Protocol, “tethering” might refer to the process of linking or connecting tokens or assets from one blockchain to another. This can be done to facilitate interoperability between different blockchain ecosystems. For example, assets like Bitcoin or Ethereum can be “tethered” to other blockchains using mechanisms like wrapped tokens, bridges, or cross-chain protocols.
Can I receive USDT in blockchain?
Yes, you can receive USDT (Tether) in a blockchain wallet that supports the USDT token. USDT is a cryptocurrency that is typically issued on various blockchain networks, including Ethereum (ERC-20), TRON (TRC-20), and others.
Where is the USDT address in blockchain?
USDT (Tether) is a cryptocurrency that exists on various blockchain networks, including Ethereum (ERC-20), Tron (TRC-20), and others. Each blockchain has its own specific address format and location for USDT tokens.
