The launch of USDT on Near Protocol is part of Tether’s plans to expand its capabilities and growth.
Tether has announced through its Official website el launch of its stablecoin USDT on the Near Protocol blockchain.
NEAR is a blockchain capable of smart contracts designed to provide a simple environment for decentralized applications, thanks to its functionalities and scaling solutions.
Near Protocol is rapidly climbing the ranks, positioning itself as one of the favorite blockchains for developers. The blockchain has marked a new milestone in its history, reaching 700 projects builts. In addition, in July, the NEAR network reached 400.000 daily transactions.
The implementation of USDT on the network will create a New dynamics for decentralized applications and DeFi, as it will bring the benefits and functionalities of stablecoins to its ecosystem.
“We are excited to launch USDT on NEAR, offering its community access to the first, most stable and trusted stablecoin in the cryptocurrency space,” said Paolo Ardoino, CTO of Tether. “The NEAR ecosystem has seen historic growth this year and we believe Tether will be instrumental in helping it continue to thrive.”
For its part, the Near Foundation has explained that they are always willing to support any project that helps advance in the Mass adoption of Web3 and are confident that USDT and Tether will play a vital role in shaping the future of finance and the digital economy.
The announcement of the implementation on a new blockchain strengthens the position of USDT as the main stablecoin on the market, since it is available on the networks from Algorand, Avalanche, Ethereum, EOS, Kusama, Simple Ledger Protocol from Bitcoin Cash, Liquid Network, Omni, Tezos, Tron, Solana, Polygon and Statemine.
This extension allows all those users who are looking for Escape Ethereum's High Gas Fees, the most widely used blockchain for USDT transactions, have plenty of options to choose from.
Near Protocol creates an investment fund for developers
Near Protocol, through its Near Foundation, has also embarked on an expansion strategy. This time, it has partnered with venture capital firm, Caerus Ventures, to create a $100 million fund, with the aim of financing the work of developers, engineers and builders who want to work on Web3 projects on NEAR.
At the same time, the Near Foundation has partnered with Sankore, a Kenyan blockchain community, to establish a blockchain unit in the region that focuses on innovation, education and talent development on the African continent.
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