The platform will be non-custodial and accessible to everyone

USDT issuer to launch its platform for issuing tokenized assets

15.04.2024 - 11:27

134

3 min

What’s new? The head of Tether, which issues the largest USDT stablecoin in the crypto market with a capitalization of over $107 billion, has announced the launch of an asset tokenization platform. Paolo Ardoino specified that it is a non-custodial multi-chain platform that supports different types of assets and offers extensive customization options.

Source: Twitter.com

What else is known? The senior executive added that the new platform will be able to turn any type of assets into tokens, ranging from stocks, bonds, and funds to reward points at coffee shops. Anyone will be able to use the Tether platform.

USDT, pegged to the US dollar at a 1:1 ratio, is the third most capitalized cryptocurrency, behind only bitcoin and Ethereum. The company, in addition to issuing and managing USDT and other stablecoins, EURT (euro), XAUT (gold), CNHT (offshore Chinese yuan), and MXNT (Mexican peso), is actively developing a bitcoin mining business.

Late last year, it bought 20% of Europe’s largest German miner Northern Data AG, started building data centers in Uruguay, Paraguay, and El Salvador with a capacity of up to 70 MW each, and released software to manage the installations under the name Moria. A total of $500 million has been allocated to this area through May of this year.

In March, Tether announced the launch of a division to develop products based on artificial intelligence technologies.

In total, Ardoino said the company will release five new projects in 2024, including a bitcoin-based mobile payment app based on the Lightning Network bitcoin protocol, as well as a global education platform.

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According to the Maelstrom Foundation, Tether’s net income reached $6,2 billion last year, with only about a hundred employees.

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