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Tether launches its own stablecoin USDT on the NEAR protocol

Tether launches its own stablecoin USDT on the NEAR protocol

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Answer Tether launches its own stablecoin USDT on the NEAR protocol

Tether has announced the support of the NEAR blockchain and the provision of the USDT digital stablecoin on it.

The cryptocurrency will be traded on a total of 12 different blockchains.

According to the press release, the NEAR protocol will be the next to adopt the leading stablecoin by total market capitalization.

Commenting on the new addition, Tether Chief Technology Officer Paolo Ardoino told:

We are excited to launch USDT on NEAR, giving the community access to the first, most stable and reliable stablecoin in the crypto space.

[…] The NEAR ecosystem has experienced historic growth this year, and we believe Tether will be essential to help it continue to thrive.

Read:MoneyGram shares jump high after partnering with Ripple

It is also worth noting that this particular announcement comes amid the achievement of a major milestone by the NEAR project, as according to a post on the official Twitter page, the protocol now includes more than 700 projects.

As we mentioned at the beginning of the article, with this integration, USDT will be traded on a total of 12 different networks.

Besides NEAR, these Tether-supported networks include:

Polygon, Kusama, Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, Tron and Bitcoin Cash’s Standard Ledger Protocol.

According to Tether’s transparency page, the company’s current USDT value is $67.7 billion.

Most of it is currently traded on the Tron network for around $33 billion.

Directly behind it is the Ethereum network with about $32.3 billion.

Read:Report: Bitcoin’s Recent Drop Caused $4.5 Billion in Daily Realized Losses

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