On Monday, the stablecoin issuer Tether Operations Limited announced that the stablecoin tether is now supported by the nearby blockchain network. Following several recent implementations, Near becomes the 14th blockchain network to host the largest stablecoin by market capitalization.
Tether connects to the nearest protocol.
Tether Tether (USDT) has now announced the launch of a smart contract blockchain system supported by a near (adjacent) network in April 2020. The near market cap makes it the tenth largest smart contract token by market cap, and the 25th largest of all. There are 12,905 cryptocurrencies. On September 12, Marieke Flament, CEO of the Nearest Foundation, said that USDT’s support will play an important role in the upcoming blockchain decentralized finance (defi).
“We will champion initiatives that bring greater stability to the DeFi ecosystem and help us advance the mass adoption of Web3,” Flament said in a statement on Monday. “We look forward to seeing what Tether can achieve with the launch of USDT on the next network and the critical role it will play in shaping the future of finance and the digital economy.”
Next to blockchain support, tether (USDT) makes it the 14th blockchain to host stablecoins. Of the $153 billion in stablecoin value, USDT is the largest with a market cap of around $67.7 billion. Tether’s market cap is the third largest at 12,905 cryptos today, up 1.1% over the past 30 days. Tether’s $67.7 billion market cap represents 6.043% of the total $1.12 trillion crypto economy. USDT has seen $49.10 billion in global trading volume over the past 24 hours, surpassing Bitcoin’s (BTC) 24-hour global trading volume.
In addition to Adjacent, Tether (USDT) is also hosted on Algorand, Avalanche, Bitcoin Cash Simple Ledger Protocol (SLP), Ethereum, EOS, Kusama, Liquid Network, Omni, Polygon, Tezos, Tron, Solana, and Statemine. Paolo Arduino, CTO at Tether, agrees with Flament’s statements and states that adding stablecoins like USDT will be important for blockchain development.
“We are excited to launch USDT on Near, giving the community access to the first, most stable and trusted stablecoin in the digital token space,” Arduino said during the announcement. “The Near ecosystem has seen historic growth this year and we believe it is important to help Tether continue to grow.”
Tether has been offering stablecoin solutions for other fiat currencies. The company recently launched a crypto asset pegged to the Mexican peso stablecoin and the British pound sterling. In late August, Tether announced it had hired BDO Italia for monthly verification reports, and the company said the stablecoin issuer’s commercial paper holdings had fallen by 58%.
What do you think about the protocol supporting the stablecoin tether? Let us know what you think about this in the comments section below.
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