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. Last week, Binance stopped the support of USDC, USDP, and TUSD on its platform and exchanged users’ USDC, USDP and TUSD balances with its own stablecoin, BUSD, the sixth largest stablecoin in the market.
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.