USDT Now Available on Near Blockchain
Now that the token is available on the Near Blockchain, users will be able to transfer the stablecoin in and out of the ecosystem seamlessly. Near Blockchain primarily supports the development of decentralized applications (dApps), with over 700 projects currently running on the network. It processes over 300,000 transactions daily and is becoming a key protocol for the adoption of Web3 technologies.
As USDT is designed to maintain a value of $1, it will help mitigate the effects of market volatility for users of the Near Protocol. Additionally, users of the network will benefit from high scalability, which is crucial for the rapidly growing cryptocurrency market.
Popular Platforms for Trading USDT
The majority of USDT is issued on the Tron and Ethereum blockchains. According to Tether Transparency, these two networks account for over 95% of all USDT tokens. Why these two blockchains? Ethereum boasts the highest volume of daily transactions for various tokens, while Tron is preferred due to its low transfer fees. As Near also offers low fees, a portion of new USDT transactions will likely be conducted on the Near protocol.
Interestingly, the token was initially launched on Bitcoin through the Omni Layer protocol. This protocol allows for the creation and trading of digital assets on the Bitcoin network. Currently, the circulating supply of Tether is just over 67.8 billion. Since USDT is pegged to the US dollar, there is no maximum supply. The company can issue additional tokens as long as they are backed by corresponding assets. The issuance of tokens is guided by the company’s policies.
Razumijevanje USDT-a
The recent collapse of the Terra ecosystem has raised concerns regarding the stability of stablecoins. Tether, however, remains the third-largest cryptocurrency by market capitalization, following Bitcoin and Ethereum. It is also the largest stablecoin and has maintained this position for many years. With USDT, users have always been able to redeem their tokens for actual US dollars, even during times of market instability. The company has consistently been able to redeem US dollars for USDT tokens without significant fluctuations in the token’s price.
What makes this token particularly reliable is that the company provides regular audits to confirm that USDT is backed by real assets. These assets include cash, bank deposits, commercial paper, US Treasury bills, money market funds, and non-U.S. Treasury bills.
Tether also issues several other stablecoins, each pegged to different fiat currencies.
Exploring Near Blockchain
Near Blockchain is a layer-1 blockchain network focused on supporting the development of dApps. It was designed with scalability and environmental sustainability in mind. Utilizing sharding technology, Near offers infinite scalability in the long run, which positions it as a key player in the mass adoption of Web3 and blockchain technology.
Near Blockchain validates transactions through a proof-of-stake mechanism, consuming far less energy than the proof-of-work approach used by other blockchains. The Near team is also involved in other projects aimed at reducing their overall carbon footprint. Payments made through the Near protocol are processed almost instantly, and, like Bitcoin, it records all transactions on a public ledger that cannot be altered.
