Tether, the organization responsible for issuing the widely-used stablecoin USDT, has exciting plans to launch 5 new projects in 2024 that will expand the company far beyond just stablecoin issuance.
According to Tether’s CEO Paolo Ardoino, these upcoming projects aim to disrupt several popular centralized Web 2.0 services. Ardoino remained vague on which specific Web 2.0 services Tether hopes to challenge but emphasized that each new project will address real-world needs that people have.
This announcement comes on the heels of Tether’s latest quarterly attestation report, which revealed the company currently holds over $3.2 billion in excess reserves backing USDT. The same report showed that Tether was able to decrease its secured loans to $5.2 billion in the third quarter, down from $5.5 billion in the previous quarter.
Furthermore, the report highlighted that Tether invested approximately $670 million last quarter in research initiatives related to sustainable energy, Bitcoin mining, data analysis, and peer-to-peer technologies. Since the beginning of 2023, Tether has allocated around $800 million towards these causes.
Ardoino’s hints at major expansion beyond stablecoins underscore Tether’s ambitions to grow into a diverse, influential player in the cryptocurrency landscape. By disrupting existing Web 2.0 services and addressing real-world problems, Tether hopes its 5 upcoming projects in 2024 will further cement its ecosystem’s importance.
While Ardoino kept details of these new endeavors under wraps for now, Tether’s latest report shows the company is on a solid financial footing to pursue its goals of moving beyond just issuing stablecoins. The entire cryptocurrency community eagerly awaits more concrete details on what Tether has in store for 2024.
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