- A new project called stable will open the “business roads” for institutional users.
- The CEO of Tether, Paolo Ardoino, advises the project.
Software developers are testing a next blockchain that will use the largest stablecoin in the world, Tether’s USDT, to pay transaction costs.
Nicknamed stable, the project is supported by Crypto Exchange Bitfinex and USDT0, a company affiliated with Tether which allows users to bring the shield to otherwise incompatible blockchains.
The CEO of Tether, Paolo Ardoino, advises the project.
Stable is marketed with financial institutions rather than retail users.
A key sales argument will be called “corporate roads” which promise faster execution of transactions.
“USDT alone is more than $ 100 billion a day,” wrote stable developers on X. “However, the current infrastructure is volatile, expensive and fragmented.”
Real world applications
He was not immediately clear who was behind the project. A thread on X detailing the next blockchain only said that the team included “protocol engineers, fintech operators and crypto founders”.
Stable is not immediately returned DL News’ Comment request.
Stablecoins are cryptographic tokens set for the value of another asset, most often the US dollar.
They are among the most used real applications of cryptographic technology. They have set foot in certain development economies as a reserve of value. Some of the largest financial institutions in the world – and, controversial, the family of US President Donald Trump – are experimenting with stablecoins.
Tether is the largest in the world, with a market value of $ 154 billion. The USDC of Circle is a distant second, with a market value of $ 61 billion.
Circle’s shares soaked after the company is made public this week on the New York Stock Exchange.
Tether is extremely profitable: last year, he recorded $ 13 billion in profits arising from his assets of Bitcoin, Golden, Obligations of the US Treasury and other financial instruments.
But it was also controversial.
Stablecoin is popular with Mexico criminal organizations, the US Treasury Department said in a report last year.
And it has become a co-manager among cryptocurrency legislators in the midst of debates on the legislation on stablescoin this year.
Earlier this year, Tether said that he would move his headquarters in Salvador, the country of Central America led by a controversial president of the stimulation of Bitcoin, after having acquired the license of the country’s digital asset service provider.
Aleks Gilbert is a DEFI correspondent based in New York. It can be reached at Aleks@dlnews.com.
