NEAR is a smart contract-capable blockchain designed to provide the ideal environment for dapps which is enabled by its unique scaling solution. The network just hit a milestone of 700 projects now building on NEAR, making it a great ecosystem for Tether to launch a new version of USD₮. As of July, NEAR Foundation reports that the NEAR network has been used for 300,000 to 400,000 transactions per day.
“We’re excited to launch USD₮ on NEAR, offering its community access to the first, most stable, and trusted stablecoin in the digital token space,” said Paolo Ardoino, CTO at Tether. “The NEAR ecosystem has witnessed historic growth this year and we believe Tether will be essential in helping it continue to thrive.”
Marieke Flament, CEO of NEAR Foundation said: “We champion initiatives that can bring greater stability to the DeFi ecosystem and help us advance 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.”
This announcement further solidifies Tether's position as the most widely adopted stablecoin, having pioneered the concept in the digital token space. The stablecoin is now live on Algorand, Avalanche, Bitcoin Cash’s Simple Ledger Protocol (SLP), Ethereum, EOS, Kusama, Liquid Network, Omni, Polygon, Tezos, Tron, Solana and Statemine.