To increase the presence of DeFi, Tether USDT stablecoin works directly on the near protocol

Major stablecoin issuer Tether Operations Ltd. continues to expand integrations with various blockchain networks, launching Tether (USDT) stablecoin on the nearby network.

Tether USDT is now live on the Near Network, a smart contract-enabled blockchain platform designed for decentralized applications, Tether officially announced on Monday.

Tether’s integration into the Nia ecosystem is a major milestone in the company’s commitment to growing its presence in decentralized finance (DeFi) ecosystems, the firm said. “It reduces the potential negative effects associated with market volatility and accelerates expansion for its users,” the announcement added.

The Nia Network is currently the eleventh block for Tether USDT. The stablecoin is now available on chains such as Polygon, Kusama, Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, Tron, and the Bitcoin Cash Standard Ledger Protocol.

In the year Launched in 2014, Tether was launched as a solution for building and trading digital assets on top of Bitcoin via the Omni Layer protocol on the Bitcoin (BTC) blockchain.

The addition of the neighborhood network to the Tether ecosystem comes in the middle of the neighborhood hit It is a major milestone in the 700 projects being built nearby, including Aurora Network and Octopus Network. As of July, the nearby network’s daily volumes averaged between 300,000 and 400,000 transactions.

Related: Tether responded to the Wall Street Journal’s ‘false information’

The Nearest Foundation also announced Monday the launch of a $100 million venture capital fund and venture lab aimed at Web3 development. The Swiss charity launched its VC fund in partnership with Kerus, a start-up investment firm founded by IMG Vice President Nathan Pillai.

Tether’s Chief Technical Officer, Paolo Arduino, said: “The recent ecosystem has seen historic growth this year and we believe it is important to help Tether continue to grow.”