Tether to release a new open-source product

What’s new? The head of Tether, which issues the largest centralized stablecoin USDT with a capitalization of $114,4 billion, has announced the release of a new project. According to Paolo Ardoino, this open-source project will become an important element of the cryptocurrency ecosystem of the future.

Source: X.com

What else is known? Last November, Ardoino said that Tether will release five new projects during 2024, and some of them could destroy popular centralized services in the Web 2.0 sector.

The company is already working on a bitcoin protocol-based Lightning Network mobile payment app that will utilize the company’s USDT dollar-pegged and XAUT gold-pegged stablecoins.

Tether has issued an asset with a peg to the gold stablecoin XAUT

The asset is initially available on the main Ethereum blockchain

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Tether is also the developer of Moria, a software designed to manage mining devices. In addition, Tether launched Holepunch, a platform for creating encrypted peer-to-peer applications, which was the basis for the Keet and Pear Runtime products.

In April this year, the company restructured, resulting in the launch of four divisions: Tether Finance for financial services and stablecoin management, Tether Data for developing and supporting innovative technologies, Tether Power for bitcoin mining, and Tether Edu for educational services.

At the same time, Ardoino announced the launch of a non-custodial multi-chain asset tokenization platform.

The company is involved in the creation of laws to regulate the cryptocurrency industry in El Salvador and Uzbekistan, and is a partner in the free economic zone of the emirate of Ras al-Khaimah.

In July, Europe’s largest German miner Northern Data AG, in which Tether owns a stake, announced a 20% increase in authorized capital by issuing shares. The company intends to expand its data centers in Europe and the United States, as well as develop its cloud platform by purchasing GPUs from NVIDIA. Earlier, Tether also invested $150 million in Bitdeer miner.

New complaint has been filed against Tether and Bitfinex over the issuance of unsecured USDT

Proceedings on charges of market manipulation with uncollateralized issued stablecoins have been going on since 2019

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The USDT stablecoin is the third largest cryptocurrency by capitalization, second only to BTC and ETH. Since the beginning of the year, its capitalization has increased by 25%.