Tether USDT launches on NEAR as protocol launches $100M Web3 fund

Stablecoin issuer Tether announced Successful integration of the USDT stablecoin into the NEAR protocol.

According to Tether, During startup NEAR’s USDT will bring more stability to NEAR’s DeFi ecosystem and help reduce the negative impact of market volatility on users.

Tether (USD) Launches on Near Network https://t.co/GY8sAR49ES pic.twitter.com/dKM4ZrACVt

Tether (@Tether_to) September 12, 2022

After a successful launch on NEAR, USDT is now integrated with 11 networks, making it easy to transfer liquidity between supported networks.

Paolo Ardoino, CTO of Tether, said:

The NEAR ecosystem has experienced historic growth this year and we are confident that Tether will be essential to its continued prosperity.

NEAR Launches $100 Million Web3 Fund

The NEAR Foundation has formed a new partnership with Caerus Ventures to launch a $100 million fund. This fund will be used to fund creators redefining culture and entertainment on Web3.

Caerus is an investment company that supports creators and projects that create value in sports, music, fashion, art, and games using blockchain.

NEAR Foundation CEO Marieke Flament said:

We support Caerus because it has a uniquely differentiated proposition and a strong investment thesis, given the tokenization of entertainment and the decentralization of rights and licenses.

Flament added that Web3’s new incentive structure will give creators and fans control over their contributions and the rewards that come with them.

The NEAR Foundation will provide $50 million in initial funding for the partnership, with an additional $100 million during the seeding of its Series A funding round.

Caerus makes its first investment in Venture Labs. Venture Labs works with creators and franchise owners to unlock value from their intellectual property (IP), reach, and influence.

Caerus founder Nathan Pillai said:

I am very impressed with NEAR’s value proposition for developers and users, but more importantly NEAR’s mission to give creators and consumers of culture greater control over their assets. .”