The Tether company has launched its USDT stablecoin on Near, a Layer 1 proof-of-stake blockchain that promotes its usability and scalability.
Near blockchain has become the 13th blockchain to host the largest stablecoin, USDT. Ethereum, Solana, Avalanche, Algorand, Polygon, Tron, Omni, EOS, Liquid Network, Kusama, Tezos, and Bitcoin Cash’s Standard Ledger Protocol are the other hosts of Tether’s USDT.
The latest host is stated to help the blockchain ecosystem. Near blockchain is one of the most promising recently. There are currently 700 projects building or running on Near. Their users can now use USDT to move money in and out of that ecosystem and to generate yield, said Tether.
The Tether company through its CTO Paolo Ardoino stated, ”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’‘
While USDT is available across many blockchains, its usage on Ethereum and Tron is the highest.