Spill the (USD)T
This analysis examines the usage of USDT (Tether) within the NEAR Protocol ecosystem, focusing on swaps, transfers, and user behavior. USDT serves as a popular stablecoin for trading and transactions on NEAR, with DAI and PEM being the top trading pairs. DeFi is the leading destination for USDT transfers, followed by staking and centralized exchanges (CEXs). Pembrock and Null addresses are significant destinations for USDT transfers, and user actions primarily involve transferring, depositing, and withdrawing USDT. Bridging between Ethereum and Aurora networks is prominent, and Gate.io and Binance are the primary CEXs for USDT transfers. Overall, USDT's integration brings stability and liquidity to NEAR, shaping decentralized finance and driving broader adoption within the ecosystem.