Tether has launched its USDT stablecoin on Near, a Layer 1 proof-of-stake blockchain that promotes its usability and scalability.
Near is the 13th blockchain to host USDT, after Ethereum, Solana, Avalanche, Algorand, Polygon, Tron, Omni, EOS, Liquid Network, Kusama, Tezos and Bitcoin Cash's Standard Ledger Protocol.
Tether says USDT's launch on Near will help the blockchain network's ecosystem. There are currently 700 projects building or running on Near. Their users can now use USDT to move money in and out of that ecosystem and to generate yield, said Tether.
Earlier today, the Near Foundation launched a $100 million venture capital fund and lab for web3. It also formed a working group to set standards for self-governance.
"We're excited to launch USDT on Near, offering its community access to the first, most stable, and trusted stablecoin in the digital token space," said Tether CTO Paolo Ardoino. "The Near ecosystem has witnessed historical growth this year and we believe Tether will be essential in helping it continue to thrive."
While USDT is available across many blockchains, its usage on Ethereum and Tron is the highest, as can be seen on the chart below from The Block's Data Dashboard.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.