- Tether CEO Paolo Ardoino unveils plans for a non-custodial tokenisation platform with Bitcoin layer-2 compatibility.
- Tether expands beyond USDT, introducing four new divisions focused on tech innovation, financial democratisation, sustainable mining, and digital education.
- Despite controversies around reserve audits, Tether prioritises securing a Big Four firm auditor.
Tether, one of the top three cryptocurrencies by market cap and the largest stablecoin, is setting its sights on new ventures.
Related: Tether Eyes Major Bitcoin Mining Role with $500 Million Investment Plan
Tether’s stablecoin, USDT, has a market cap three times that of its closest competitor, the second-largest stablecoin, USDC. USDT also dwarfs USDC with regards to daily volumes, with US$63bn (AU$98bn) in daily volume compared to USDC’s US$8bn (AU$12.4bn).
In a recent interview, Paolo Ardoino, the CEO of Tether, announced plans to release an innovative non-custodial tokenisation platform he calls a “masterpiece.”
This new platform will feature complete non-custodial capabilities, support for multiple blockchain networks, and the flexibility to tokenise a diverse range of assets including bonds, stocks, and even coffee shop rewards.
Ardoino said that the platform will be compatible with Bitcoin layer-2 solutions like Lightning and The Liquid Network, indicating a strong focus on integrating with Bitcoin-related technologies.
Tether Adds Four New Business Arms
Additionally, Tether has announced an expansion beyond its traditional stablecoin business by establishing four new divisions:
- Tether Data: Invests in emerging technologies like artificial intelligence and peer-to-peer platforms, including projects like Holepunch.
- Tether Finance: Manages stablecoin services and develops blockchain solutions to democratise finance, including the new digital asset tokenisation platform.
- Tether Power: Focuses on sustainable Bitcoin mining practices to promote responsible energy use while ensuring the stability of the Bitcoin network.
- Tether Edu: Enhances global digital education and technological skills through partnerships and initiatives like Lugano’s Plan B.
Ardoino said in a statement:
With this evolution beyond our traditional stablecoin offerings, we are ready to build and support the invention and implementation of cutting-edge technology that removes the limitations of what’s possible in this world.
Paolo Ardoino, Tether CEO Ardoino Answers Questions About Audit of Reserves
Tether has long been plagued by controversies around its reserves – especially the lack of a quality audit of these reserves. In a recent interview Ardoino told DL News, that none of the Big Four accounting firms – Deloitte, PwC, EY, and KPMG – want to audit Tether’s reserves out of reputational fears.
“None of the Big Four companies will audit us,” he said, adding that getting one of these firms on board as their auditor is a “top priority.”
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The CEO believes – given the risk and some negative perception remaining on Capitol Hill – it’s not worth the risk for any of the Big Four to get involved with Tether. He added the Big Four have the entire financial services industry as customers:
Why would you risk 100,000 customers for a couple of stablecoins? You can see how certain parts of the US Congress is against crypto. We are trying to make the case. We’re trying to build relationships to get the audit from a Big Four firm.
Paolo Ardoino, Tether CEO
Source:
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