Top-tier stablecoin issuer Tether Operations Limited carries on with its integrations expansion with diverse blockchain networks via releasing the Tether (USDT) stablecoin on the Near Network.

Specifically, the official introduction of Tether USDT on the Near Network – a smart contract-enabled blockchain platform built to cater to decentralized applications – has reportedly been finalized. 

The Tether integration into the Near blockchain reportedly marks a significant milestone in the company’s devotion to extend its footprint in decentralized finance (DeFi) ecosystems, per the firm. 

“It will alleviate the potential adverse effects associated with market volatility and accelerate scalability for its users”. 

The Near Network will be the eleventh blockchain entity that offer facilitation for Tether USDT at the moment. The stablecoin is now also live on chains like Polygon, Kusama, Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, Tron and Bitcoin Cash’s Standard Ledger Protocol.

At the time of writing, the most major share of USDT is carried out on Tron and Ethereum, with $33 billion and $32 billion of USDT running on the blockchains, respectively. Together, Tron and Ethereum account for over 96% of Tether USDT issued, according to Tether transparency.

Introduced in 2014, Tether was initially built and issued on the Bitcoin (BTC) blockchain through the Omni Layer protocol, a solution dedicated to designing and trading digital assets on top of Bitcoin.

The inclusion of Near Network to the Tether’s ecosystem surfaces during the time Near approaching a significant milestone of 700 initiatives now developing on Near, including the Aurora Network and the Octopus Network. 

As of July, the Near network’s daily volumes averaged between 300,000 to 400,000 transactions.