Peter Thiel and Paolo Ardoino’s New Blockchain: The USDt Revolution!

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Well, gather ’round, folks! It seems that the fine folks at Plasma have managed to wrangle up a tidy sum of $24 million to whip up a brand new blockchain for Tether’s USDt, which, if you’ve been living under a rock, is the belle of the stablecoin ball. 💰

Now, according to a report from Fortune, dated February 13th (mark your calendars, folks!), this funding round was led by the sharp-eyed venture firm Framework Ventures, with a little help from Bitfinex, the ever-controversial Peter Thiel, and Tether’s very own CEO, Paolo Ardoino. Quite the lineup, wouldn’t you say? 🎩

Paul Faecks, one of the co-founders of Plasma, told Fortune that this new blockchain will be built on the Bitcoin network. And get this, they’re promising zero-fee USDt transactions! That’s right, folks, you can send your stablecoins without a single penny being snatched away. It’s like finding a dollar bill in your old coat pocket! 🧥💵

Now, while USDt is already gallivanting around on several blockchains, Plasma is setting its sights on stablecoin trading specifically. This means they’ll be able to process and settle transactions quicker than a cat on a hot tin roof. 🐱🔥

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But hold your horses! While users won’t be charged for these fancy stablecoin transactions, service providers like Curve and Aave will still have to cough up some dough. Faecks made sure to clarify that little nugget of wisdom. Ain’t that just the way? 😏

Now, representatives from Bitfinex and Tether must be busy counting their coins, as they didn’t respond to CryptoMoon’s request for comment right away. Maybe they were too busy plotting their next big move! 🕵️‍♂️

Tether has been on a bit of a crosschain kick lately, integrating with LayerZero to connect The Open Network (TON) with the broader USDt ecosystem. It’s like a family reunion, but with fewer awkward conversations. 🤷‍♂️

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And let’s not forget, Tether has chosen Arbitrum to lay down the infrastructure for USDT0, its crosschain US dollar stablecoin. Sounds fancy, doesn’t it? 🏗️

Stablecoin market heats up

Now, Tether’s USDt may still be the heavyweight champion of stablecoins by market cap, but its reign is slowly being challenged by Circle’s USD Coin (USDC), which has recently decided to flex its muscles. USDC’s circulating supply has soared past $56 billion, doubling since the bear market lows of November 2023. Talk about a comeback! 💪

Meanwhile, the Global Dollar Network consortium, which includes the likes of Kraken, Paxos, and Robinhood, is throwing its weight behind Paxos’ USDG stablecoin, which made its grand entrance in November. It’s like a new kid on the block, trying to fit in. 🏫

And if that wasn’t enough, Crypto.com is planning to launch its own stablecoin this year. It’s a veritable stablecoin party, and everyone’s invited! 🎉

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Stablecoin payment networks are popping up like daisies in spring, with former Binance.US CEO Brian Shroder launching 1Money, a layer-1 platform that supports multicurrency stablecoins. It’s a brave new world, folks! 🌼

Stablecoins are sprouting up just as regulators are finally starting to recognize their legitimacy. It’s about time, if you ask me! ⏳

In the good ol’ United States, former Commodity Futures Trading Commission Chair Timothy Massad has declared stablecoins to be “the most useful application of [blockchain] technology to date.” And now he’s serving as the director of the Digital Asset Policy Project at Harvard University. Quite the career trajectory, eh? 🎓

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2025-02-13 20:41