Tether launches USDT stablecoin on NEAR protocol

The stablecoin now circulates on a total of 14 blockchains

12.09.2022 - 14:25

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What’s new? Tether Limited announced the launch of its stablecoin USDT on the NEAR protocol. The stablecoin will now circulate on a total of fourteen different blockchains, according to a press release from the issuer.

Press release

What do company representatives say? Tether CTO Paolo Ardoino made the comments, noting that the collaboration could be productive for both companies. He added:

“The NEAR ecosystem has witnessed historical growth this year and we believe Tether will be essential in helping it continue to thrive.”

In addition to NEAR, the asset is also available on Algorand, Avalanche, Simple Ledger Protocol (SLP), Ethereum, EOS, Kusama, Liquid Network, Omni, Polygon, Tezos, TRON, Solana, and Statemine.

What is known about the NEAR Protocol? It is a smart contract platform that developers can use to create decentralized applications (dApps). NEAR was launched in 2020. You can read more about the project in GetBlock Magazine's review. As of September 12 at 14:15 UTC, the project's native token, NEAR, is trading at $5,165, up 8,41% in 24 hours, according to Binance.

What is known about Tether Limited? It is the largest issuer of stablecoins in the cryptocurrency market. USDT ranks third in the overall cryptocurrency capitalization ranking with $67,7 billion, according to CoinGecko.

Earlier, reporters at The Wall Street Journal claimed that Tether Limited's balance sheet was in such a state that a drop of even 0,3% in the value of its reserve assets could make the company “technically insolvent.”

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