Tether will be launching its stablecoin (USDT) on NEAR Protocol. With this, the cryptocurrency will be circulating on a total of twelve different blockchains.
According to a press release shared with CryptoPotato, NEAR Protocol will be the next to adopt the leading stablecoin by means of total market capitalization – USDT.
Commenting on the matter was Paolo Ardoino, the CTO of Tether, who said:
We’re excited to launch USDT on NEAR, offering its community access to the first, most stable, and trusted stablecoin in the digital token space. […] The NEAR ecosystem has witnessed historical growth this year and we believe Tether will be essential in helping it continue to thrive.
It’s also worth noting that this particular announcement comes amid a major milestone for NEAR. According to a post on its official Twitter page, the protocol is now home to more than 700 projects.
As mentioned above, with this integration, USDT will be circulating on a total of 12 different networks. Besides NEAR, these 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 current USDT in the company amounts to a whopping $67.7 billion.
Most of it presently circulates on Tron’s network – about $33 billion.
Second in line is Ethereum – $32.3 billion USDT circulates on the network.