Stablecoin issuer Tether confirmed the launch of tokens (CRYPTO: USDT) pegged to the U.S. dollar on the NEAR protocol.
The introduction of USDT on NEAR will contribute to increasing ecosystem stability and lessen the negative effects of market volatility on users.
After the launch on NEAR, USDT will be integrated with twelve networks, enabling an easier transfer of liquidity across networks that support it.
“We’re excited to launch USDT on NEAR, offering its community access to the first, most stable, and trusted stablecoin in the digital token space,” Tether CTO Paolo Ardoino said.
The protocol saw historic growth in 2022 and Tether will further enable the NEAR ecosystem to thrive, he added.
NEAR Protocol Introduces $100M Web3 Fund
The NEAR Foundation and Caerus Ventures launched a $100 million fund to aid entrepreneurs specializing in Web3. Caerus is an investment company that supports artists and initiatives using blockchain to provide value in a variety of industries, including sports, music, fashion, art and gaming.
“We’re backing Caerus because they have a uniquely differentiated proposition and robust investment thesis predicated on the tokenization of entertainment and decentralization of rights and licensing,” NEAR Foundation CEO Marieke Flament said.
The new incentive systems will provide producers and fans more authority over their contributions and the benefits that come along with them.
NEAR Foundation will provide a $50 million initial financial investment to the collaboration, and it is anticipated that an additional $100 million will be raised throughout the seed and series A financing rounds.
Caerus will invest in Venture Labs for the first time. Venture Labs works in partnership with franchise owners and artists to maximize the value of their intellectual property, audience, and impact.
Caerus founder Nathan Pillai was “hugely impressed” by NEAR’s value proposition for developers and users and its mission to empower creators and consumers of culture with more control over their assets.
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