Incoming Tether CEO Paolo Ardoino is hinting at big things to come for the firm as billions of new USDT enter the digital asset market.
Ardoino says on the social media platform X that Tether, the largest stablecoin issuer in the world, is adding new components to its ecosystem that will “obliterate” the Web2 industry.
“We’re quite close to adding another extremely powerful piece of the puzzle for the Tether ecosystem.
Total of 5 mind-blowing projects (and counting) for 2024.
A couple of these could obliterate some popular Web2 centralized services for good.
Pure Real World Ecosystem aka ‘Things that people actually need.'”
At time of publishing, Ardoino or Tether hasn’t revealed what particular developments are coming up next year.
However, Tether’s market cap has been skyrocketing to new all-time highs amid massive USDT minting sprees.
Blockchain tracking service Whale Alert spotted multiple billion dollar mints this month, including 1 billion on November 10 and 1 billion on November 9 which Ardoino clarified was for inventory purposes. Whale Alert spotted separate 1 billion dollar mints on November 4 and October 19.
USDT currently has a market cap of $86.77 billion, well ahead of Circle’s USDC and MakerDAO’s DAI.
Ardoino said last month that Tether was planning on launching a new feature for checking proof-of-reserves in real time in 2024, though no hard deadline has been announced.
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