Tether has just launched USDT pegged to the USD on Near Blockchain. That makes this the 13th blockchain to support the first major stablecoin. Other blockchains that already support the token include Bitcoin, Ethereum, Tron, Solana and OMG Network to name a few.

Since USDT is available on many blockchains, the coin is easy to integrate and adopt. According to Paolo Ardoino, CTO of Tether, the NEAR ecosystem has been growing rapidly, and adding USDT coins to the network will boost the development of the blockchain. You can read more about each blockchain on Crypto Lists.

USDT is now live on Near network

Since the token is now live on Near Blockchain, users of this network will be able to move the stablecoins in and out of the ecosystem with ease. Near is primarily meant to support the development of dApps, and there are currently more than 700 projects running on the network. It handles over 300,000 transactions per day and is shaping up to be an essential protocol for the adoption of Web3.

Since USDT is meant to hold a value of $1 at all times, it will alleviate the effects of market volatility among users of the Near Protocol. At the same time, users of the network will enjoy high levels of scalability which is crucial for the fast growing crypto market.

Where do people trade USDT now?

The biggest share of the stablecoin is issued on Tron and Ethereum blockchains. According to Tether Transparency, these two blockchains currently account for more than 95% of all USDT tokens. Why those two, you might ask? Well, Ethereum is the biggest network in terms of daily transactions for different tokens and Tron got the lowest transfer fees. That is why so many currently use Tron. Since Near also have very low fees, part of the new USDT transactions will likely take place on the Near protocol.

It is interesting to note that the token was initially launched on Bitcoin via the Omni Layer protocol. This protocol allows for the building and trading of digital assets on the Bitcoin network. The current circulating supply of Tether is a little over 67.8 billion. Since the token is pegged to the USD, it does not have a maximum supply. The company can issue more tokens as long as they have actual assets to back the cryptocurrencies. Issuance of the tokens is theoretically backed by the company’s policies.

Get Kraken

Rating: 9.4/10
Number of instruments: 1630+ instruments

Description: Trade over 200 cryptocurrencies on Kraken against USDT or 7 major currencies. Sign up for Kraken today!

Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.

About USDT

The recent collapse of the Terra ecosystem led to increased concerns about the safety of stablecoins. Tether is currently the third-largest cryptocurrency by market cap, after Bitcoin and Ethereum. It is also the largest stablecoin and has held this position for many years. With USDT, individuals have always been able to redeem their tokens for actual US dollars. Even in times of market chaos, the company has been able to pay out US dollars for the tokens without causing a serious change in the price of the token.

One thing that makes this token safe is the fact that the company provides regular accounting reports to prove that the token is backed by actual assets. These assets include cash, bank deposits, certificates of deposit, commercial paper, US treasury bills, money market funds, and non-US treasury bills.

Tether issues several other stablecoins apart from USDT, and these are pegged to other fiat currencies.

About Near Blockchain

Near blockchain is a layer-1 blockchain network that is used for the development of dApps. It was created with a focus on scalability and environmental friendliness. Since it uses sharding technology, it is infinitely scalable in the long run, and this makes it essential in the widespread adoption of Web3 and blockchain technology.

Rating: 9.17/10
Supply: 76,310,896,640 / 32,297,366,522
Release date: June 10, 2014

Description: Discover where you can trade Tether for low transaction costs on trusted crypto sites.

Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.

It validates transactions using the proof of stake method. This consumes a lot less energy compared to the proof of work mechanism. It is worth noting that the company behind Near blockchain works on other projects to further lower their net carbon emissions. Any payments made through the Near protocol are finalized almost instantly. Like Bitcoin and other blockchains, it records all transactions on a public ledger that cannot be altered.

by Our Certified Author
Tether Newsflash
    Try Empire today: a Cardano casino with 2000 USDT cashback!Try Empire today: a Cardano casino with 2000 USDT cashback!
    Monday, 30 Jan 2023 1:44 pm
    Do you like playing on pure crypto sites? Empire Casino might be ideal for you. With a fantastic 20% cashback offer up to 2000 USDT, you can also deposit using BTC, ETH, LTC, DOGE, and several more including Cardano (ADA). It's also optimized for playing on the go when you're using mobile, so you can play games on the train! You're also able to convert fiat to crypto easily using in-built payment features. Want to try your luck? Enjoy Empire Casino today!

    Tether transactions volume outpaces both Visa and MastercardTether transactions volume outpaces both Visa and Mastercard
    Sunday, 15 Jan 2023 4:01 pm
    The biggest stablecoin in the world, Tether (UDST), has surprised many in the traditional finance space by outpacing both Mastercard and Visa when it comes to sheer volume of transactions settled. 2022 saw Tether process $18.2tn, with Mastercard and Visa weighing in at $14.1tn and $7.7tn respectively. Want to enter the crypto marker with a fiat-backed stablecoin? You can't go far wrong with USDT. Buy it by signing up for MEXC Global now!

    Tether swaps Solana for EthereumTether swaps Solana for Ethereum
    Saturday, 19 Nov 2022 10:20 am
    Tether has announced a $1bn USDT swap, moving a massive amount of coins from the Solana network over to Ethereum. This on-chain swap (which are used to move USDT from one blockchain to another) has likely been prompted by the ongoing issues surrounding Solana in the wake of the FTX and Alameda meltdown. But with ambitious plans ahead, Crypto Lists isn't writing off SOL just yet. If you want to get involved when the prices are super low, then Sign up for MEXC Global he...
    Read the full newsflash

    USDT and USDC on Solana back on trackUSDT and USDC on Solana back on track
    Thursday, 17 Nov 2022 11:24 pm
    While Binance is under investigation and is 'a walking time bomb' according to Nouriel Roubini, CZ made sure that USDT and USDC transactions over the Solana network on Binance were temporarily suspended for three hours, between 12:05 and 15:05. Crypto Lists speculate that the downtime was due to some trading tick size adjustments, something that OKX did two days ago. Circle, the organisation behind USDC, was quick to...
    Read the full newsflash

    USDT and other stablecoins begin to settleUSDT and other stablecoins begin to settle
    Friday, 11 Nov 2022 4:43 am
    Due to the commotion with FTX, lots of stablecoins depegged slightly, but the volatility seems to have settled somewhat. Markets have recovered slightly since the events of Tuesday and Wednesday, with a 5% gain in market cap overall.Time will tell whether we're set for another fluctuation. USDT and others remain good options for those wishing to wait to enter the market when prices are suitably low. If you want to begin your journey into crypto, you can Sign up for eToro here...
    Read the full newsflash

New crypto casinos
Recent crypto sites
Recent crypto coins
Copyright © 2019-2022, by Crypto Lists Ltd (CryptoLists.com). Company name: Crypto Lists Limited. Address: 5 Upper Montagu Street, LONDON W1H 2AG, England.
Jump to top