Tether Plans to Obliterate Some Web2 Services Next Year With 5 New Projects
Tether, the issuer of the world’s largest stablecoin USDT, is planning to launch five new projects in 2024, further expanding its reach beyond stablecoin issuance.
Tether CEO Paolo Ardoino hinted at the new projects in a recent tweet, saying the company is “quite close” to adding “another extremely powerful piece of the puzzle” to its ecosystem.
Tether CTO Hints at 5 “Mind-Blowing” Projects for 2024
According to Ardoino, a couple of these upcoming projects are designed to disrupt some well-known Web2 centralized services.
We’re quite close to add another extremely powerful piece of the puzzle for @Tether_to ecosystem.
Total of 5 mind-blowing projects (and counting) for 2024.
Couple of these could obliterate some popular Web2 centralized services for good.
Pure Real World Ecosystem aka “Things…
— Paolo Ardoino (@paoloardoino) November 12, 2023
It is unclear which Web2 centralized services Ardoino was referring to. However, the CEO pointed out that all the projects will be “pure real-world ecosystem” projects or “things that people actually need.”
Expanding Beyond Stablecoin Issuance
While Ardoino did not provide the specific details of upcoming projects, his latest comments underscore Tether’s commitment to expanding its reach beyond stablecoin issuance.
In recent months, the company has been delving into other areas of the digital asset sector. As reported by CryptoPotato in May, the stablecoin issuer invested resources towards energy production and sustainable Bitcoin (BTC) mining operations in Uruguay in collaboration with a locally licensed company.
Meanwhile, the latest development comes a few weeks after Tether published its 2023 second quarter (Q3) attestation report, which shows $3.2 billion in excess reserves backing its stablecoins, including USDT. The report, audited by top accounting firm BDO, revealed that Tether’s secured loans dropped by $330 million in Q2 to $5.2 billion in Q3.
In the report, Tether disclosed that it poured approximately $670 million into industry-related research fields, including sustainable energy, Bitcoin mining, data, and peer-to-peer (P2P) technology during the quarter and roughly $ 800 million to the same initiatives since the beginning of the year.
The post Tether Plans to Obliterate Some Web2 Services Next Year With 5 New Projects appeared first on CryptoPotato.
Filed under: Bitcoin - @ November 13, 2023 4:22 pm