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Tether has launched its USDT stablecoin on Near, a level 1 blockchain with proof of stake that promotes usability and scalability.
It 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 that launching USDT on Near will help the blockchain network ecosystem. Currently, 700 projects are being developed or working on Near. According to Tether, their users can now use USDT to transfer money to and from this ecosystem, as well as generate revenue.
Earlier today, the Near Foundation launched a $100 million venture capital fund and a web3 lab. He also formed a working group to set standards for self-government.
“We are excited to launch USDT on Near, offering the community access to the first, most stable and reliable stablecoin in the digital token space,” said Tether CTO Paolo Ardoino. “The Near ecosystem has demonstrated historic growth this year and we believe Tether will be essential to its continued prosperity.”
While USDT is available on many blockchains, its usage on Ethereum and Tron is the highest, as seen in the chart below from The Block’s data panel.
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