On September 12, Stablecoin provider Tether announced the successful incorporation of USDT stablecoin on NEAR Network via tweet.
As per Tether, listing USDT on the NEAR protocol will assist in bringing greater strength to NEAR’s Defi ecosystem and lessen the adverse impact of market volatility on clients.
After the effective launch of USDT on NEAR, USDT is currently united with eleven protocols, making it simpler for liquidity to be moved across supported networks.
Paolo Ardoino, Tether’s CTO, said, “this year, the NEAR ecosystem has seen historical growth and we believe Tether will be essential in assisting it in continue to thrive.”
The NEAR foundation, in collaboration with its new partner Caerus Ventures, will launch a $100 million fund to assist creators in restructuring web entertainment and culture3.
Moreover, Caerus is an investment organisation providing help to projects and creators that use blockchain technology to make value in fashion, music, sports, gaming, and art.
Marieke Flament, CEO of NEAR Foundation, said, “We’re supporting Caerus because they have an extraordinarily separated recommendation and vigorous venture theories predicated on the tokenisation of diversion and decentralisation of freedoms and licensing.”
Flament further added and said that with the new web3 structure, fans and creators can take control of their commitment and the prizes that accompany it.
Notably, the partnership calls for NEAR Foundation to make a $50 million initial investment, followed by a $100 million investment during the Series A funding round.
Moreover, in Venture Labs, Caerus will make its initial investment. Venture Labs teams up with makers and franchise proprietors to extract value from their IP (intellectual property), reach, and impact.
Nathan Pillai, the founder of Caerus, said, “I have been enormously dazzled by NEAR’s incentive for programmers and clients, however more significantly, their main goal is to engage makers and consumers of culture with more command over their assets.”