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Near protocol gets new stablecoin: Tether expands

 


Hardly any chain is "spared" by the largest stablecoin issuer in the world. We are talking about Tether - with a market capitalization of 67 billion US dollars, the top 3 of all cryptocurrencies. Now the company also offers a NEAR-USDT stablecoin.


With 14 chains, the Tether Network is the most widespread stablecoin of all cryptocurrencies. Now those responsible have been able to win another explosively increasing chain with the Near Protocol. Some readers may not be surprised, as the number of accounts on the blockchain increased from 1 million to almost 20 million within a year. A 2,000% increase.


Commenting on Tether CTO Paolo Ardoino:


“We are excited to launch the USDT on Near. We give the community access to the first, stable value and most trusted stablecoin in the digital token space. The Near ecosystem has seen incredible growth. Tether will be essential in building the chain.”


Tether represented on 14 chains – Near looks promising

It is obvious why Ardoino and his team chose the near protocol due to the promising possibilities. 700 projects are already calling the protocol their new home – meanwhile 300,000 and 400,000 transactions are carried out per day. Merieke Flament, CEO of the Near Foundation, has the following to say:


“Initiatives that bring greater stability to the DeFi ecosystem and promote web 3 adoption are welcome. We are already looking forward to seeing the successes of Tether on Near - it will play an important role in the future of finance and the digital economy."


In addition to the Near Protocol, Tether is already available on Algorand, Avalanche, Ethereum, EOS, Kusama, Liquid Network, Omni, Polygon, Tezos, Tron, Solana, Statemine and the Bitcoin Cash Simple Ledger protocol.


The largest stablecoin issuer has repeatedly fallen into disrepute in the past: Supposedly there were not enough cash reserves available for the number of stablecoins issued. The company reacted: Ardoino only hired BDO Italy, leading accounting firm, in August to audit the finances. Since August, it has been responsible for checking the reserves of the crypto company in monthly reports.


In addition, Tether is accused of being vulnerable to sanctions, such as the recent Tornado Cash incident, due to its centralized corporate structure.


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