Major stablecoin issuer Tether Operations Ltd. continues to expand integration with various blockchain networks, launching the Tether (USDT) stablecoin on the Near network.

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Tether USDT is now live on the Near Network, a smart contract-enabled blockchain platform designed for decentralized applications, Tether is officially announced on Monday.

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The firm said the integration of Tether into the Near blockchain is a major milestone in the firm’s commitment to growing its presence in the decentralized finance (DeFi) ecosystem. “This will reduce the potential adverse effects associated with market volatility and accelerate scalability for its users,” the announcement said.

The Near Network is the eleventh blockchain currently available for Tether USDT. The stablecoin is now also live on chains such as Polygon, Kusama, Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, Tron and Bitcoin Cash’s Standard Ledger Protocol.

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At the time of writing, USDT has the largest share of issued On Tron and Ethereum, there are $33 billion and $32 billion USDT running on the USDT blockchain, respectively. Together, Tron and Ethereum make up over 96% of Tether USDT issued, according to Tether Transparency.

Launched in 2014, Tether was originally launched and issued on the Bitcoin (BTC) blockchain via the Omni Layer Protocol, a solution used to build and trade digital assets on top of bitcoin.

Near Network’s addition to Tether’s ecosystem comes amid near hitting A major milestone in the 700 projects now being built on Near, including the Aurora Network and the Octopus Network. As of July, the Near Network’s daily volume averaged between 300,000 and 400,000 transactions.

Tether responds to Wall Street Journal ‘propaganda’

Near Foundation Bhi announced Monday’s launch of a $100 million venture capital fund and Venture Lab is targeting Web3 development. The Swiss nonprofit launched a VC fund in collaboration with Caras, a newly launched investment firm founded by IMG Vice President Nathan Pillai.

“The NEAR ecosystem has seen historic growth this year and we believe Tether will be essential to help it thrive,” said Tether Chief Technical Officer Paolo Ardoino.