Peter Thiel, the billionaire investor and co-founder of PayPal, and Paolo Ardoino, the Chief Technology Officer of Tether, are backing a new blockchain project focused on USDt, the stablecoin issued by Tether. The new blockchain, which is still under development, is designed to be more efficient and scalable than existing blockchains, with a particular focus on supporting the needs of USDt and other stablecoins.
This move comes as Tether continues to expand its reach and influence in the cryptocurrency market. USDt is currently the largest stablecoin by market capitalization, and it is widely used for trading and other activities within the cryptocurrency ecosystem. The new blockchain is expected to further enhance the stability and efficiency of USDt, making it an even more attractive option for users and investors.
Tether just released the attestation for Q4 2024.
Highlights as of 31st December 2024:
– $13.7 billion profit for year 2024
– ~$6 billion profit for Q4 2024
– $113 billion in direct and indirect holdings
– $7 billion in Tether's excess stablecoin reserves (36% increase YoY),… https://t.co/izYONstKuF— Paolo Ardoino 🤖🍐 (@paoloardoino) January 31, 2025
The backing of prominent figures like Peter Thiel and Paolo Ardoino is a significant endorsement of the new blockchain project. Thiel is a well-known investor in technology companies, and his support could help to attract further investment and development resources. Ardoino’s expertise in blockchain technology and his deep understanding of Tether’s operations will be invaluable in guiding the development of the new platform.
The development of a new blockchain specifically for USDt and other stablecoins is a significant development for the cryptocurrency industry. It could lead to the creation of a more efficient and scalable infrastructure for stablecoins, which are seen as crucial for the wider adoption of cryptocurrencies. The project is still in its early stages, but it has the potential to significantly impact the future of the cryptocurrency market.
