Tether (USDT) Launches New Version of Token on the Near Network

  • The company behind the stablecoin believes that this network will provide an ideal environment for this new launch.
  • Marieke Flament, CEO of the NEAR Foundation, is very optimistic about Tether’s presence on the network and its role in the future of the digital economy.

Tether Operations Limited, the company that backs the world’s largest stablecoin by market cap, Tether (USDT), announced the launch of US dollar-pegged cryptocurrency tokens on the NEAR Network.

This blockchain is supported by smart contracts. It is designed to “provide the ideal environment” for decentralized applications (dapps) and has a unique scaling solution, the company said in a press release dated Monday, September 12.

The Near network currently hosts about 700 projects, making it a suitable ecosystem for the launch of the new version of USD₮. Tether.to highlighted that since July, the NEAR network has been used to conduct between 300,000 and 400,000 transactions per day, according to records from the NEAR Foundation.

“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,” said Paolo Ardoino, CTO of Tether.

He added that the NEAR ecosystem has seen historic growth this year so he believes “Tether will be essential in helping it continue to thrive.”

The executive director of the NEAR Foundation, Marieke Flament, said that her goal is to defend initiatives that contribute to providing greater stability to the DeFi ecosystem.

She also wants to help in advancing the mass adoption of Web3. “We look forward to seeing what Tether will achieve with the launch of USD₮ on NEAR Network and the vital role it will play in shaping the future of finance and the digital economy,” Flament said.

According to Tether, with this announcement, the position of the “most widely adopted” stablecoin and pioneer in digital tokens is consolidated. Stablecoin tokens are available on Bitcoin Cash’s Avalanche, Algorand, and Simple Ledger Protocol (SLP). They are also available on the Ethereum network and on EOS, Omni, Kusama, Liquid Network, Polygon, Solana, Tezos, Tron, and Statemine.

On the Flipside

  • Lately, Tether Operations Limited has faced a number of questions from influential media outlets like The Wall Street Journal and crypto industry analysts.
  • The biggest criticism is regarding the lack of a complete audit of the company to verify its financial statements.
  • Tether has defended itself against criticism by saying that it is compliant and has hired international Italian accounting firm BDO to ensure its transparency.

Why You Should Care

  • What happens to Tether for better or for worse will have a gigantic impact on the stablecoin sector.
  • Now Tether has a very strong competitor trying to bring it down from the top spot, Binance USD (BUSD).
  • After the collapse of the Terra/Luna ecosystem, the scrutiny on these cryptocurrencies is greater.

 

You can find more information about Tether in the following articles:

Tether (USDT) Defies Treasury’s Sanction, Says Freezing Tornado Cash Addresses Is Reckless

Tether (USDT) Reserves Fell $16 Billion in Q2

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Author

Santiago is Venezuelan blockchain reporter specializing in economic and financial issues, with special emphasis on stablecoin trading as well as political and regulatory issues related to Latin America. Every day he reviews and analyzes movements in the crypto market to offer readers first-hand information that can help them make sound decisions in the exciting world of crypto.