A recent blog post published by the business Tether, which is the issuer of the most valuable stablecoin in the world, said that USDT has now been released on the NEAR Network.

Paolo Ardoino, Tether CTO, said:

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. The NEAR ecosystem has witnessed historic growth this year and we believe Tether will be essential in helping it continue to thrive.

NEAR is a blockchain that is capable of smart contracts and is meant to create the optimal environment for decentralized applications (dApps). This is made possible by its one-of-a-kind scaling method.

The network has just reached a new milestone of 700 projects that are currently developing on NEAR, which makes it an excellent environment for Tether to launch a new version of USDT.

The NEAR Foundation reports that as of the month of July, the NEAR network has been used for between 300,000 and 400,000 transactions every single day, says the post.

The business has said that it would support projects that might offer more stability to the DeFi ecosystem and assist them in advancing the widespread use of Web3 technology. They are excited to see what Tether will accomplish with the launch of USDT on NEAR Network as well as the significant role it will play in forming the future of finance and the digital economy.

The Layer- 1 protocol also on Monday initiated a crucial phase of its “ sharding ” upgrade meant to increase the blockchain’s processing speed, and slashed the price for stakers hoping to share in how the network runs.