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Highlights
- Tether is gearing up to launch a "super customizable" non-custodial tokenization platform.
- Tether CEO Paulo Ardoino hinted at the beta launch of this avenue.
- Amid the discussions of a new stablecoin legislation in the U.S., Tether's USDT is facing the heat.
Paulo Ardoino, CEO of Tether, issuer of USDT stablecoin, recently took to social media to unveil impeccable details about the forthcoming digital asset tokenization platform. In addition, Ardoino teased the beta launch of the platform, which can be expected anytime soon.
Tether CEO Spotlights Development Toward Tokenization Platform
In a post on X, Ardoino expressed his excitement, stating, “Can’t wait to launch the beta.” This announcement comes hot on the heels of Ardoino’s earlier revelation earlier this month where he described the platform as a “masterpiece” and disclosed its remarkable features.
According to the Tether CEO’s statements, the tokenization platform promises to revolutionize the landscape of digital asset management. Moreover, it aims to offering a seamless and secure user experience for both issuers and investors. Furthermore, Ardoino commended his team’s efforts.
He highlighted the platform’s intuitive design and robust functionalities. This includies multisig asset management, customer data management (KYC/AML), issuance, and redemption flows. Moreover, the Tether CEO emphasized that all these components are “super intuitive,” reflecting the team’s dedication to ensuring a smooth user experience.
Furthermore, Ardoino provided insights into the platform’s capabilities. He affirmed that Tether’s tokenization avenue will be fully non-custodial, multi-chain, and support various asset types. In addition, he described it as “super customizable,” allowing users to tokenize a wide array of assets.
The assets would range from traditional securities like bonds and stocks to more unconventional items such as coffee shop reward points. Ardoino also hinted at the platform’s versatility, revealing that it will serve as a whitelabel of Tether’s technology, enabling users to tokenize assets valued at over $110 billion, denominated in USDT.
Also Read: Top Democrat Predicts Imminent Deal On Stablecoin Regulation
USDT Stablecoin To Face Hurdles After New Regulation?
S&P Global Ratings recently highlighted the potential for increased participation of traditional banks in the stablecoin market due to enhanced regulatory clarity in the United States. This clarity, according to their report, may also lead to a reduction in the dominance of Tether’s USDT.
Last week, Senators Cynthia Lummis and Kirsten Gillibrand introduced a stablecoin bill. This bill at establishing clear operational guidelines for stablecoins within the country’s regulatory framework.
While the U.S. dollar remains the preferred peg for stablecoins, many issuers currently operate without being subject to specific U.S. regulations. However, the introduction of the Lummis-Gillibrand Payment Stablecoin Act could bring about significant changes in this regard.
The proposed regulations could potentially provide banks with a competitive edge by imposing limitations on non-banking institutions. It would restrict their maximum issuance to $10 billion.
If the stablecoin bill receives approval, it is anticipated to accelerate institutional blockchain innovation. The impact would particularly be seen in areas such as tokenization and digital bond issuance involving on-chain payments. This, in turn, would create new avenues for banks as stablecoin issuers and potentially diminish Tether’s dominance within the global stablecoin market.
Currently, Tether’s USDT holds a substantial market capitalization of $110 billion, securing its position as the third-largest cryptocurrency. Meanwhile, Circle’s USDC trails behind with $34 billion, both maintaining a 1:1 peg to the U.S. dollar.
Also Read: Just In: BRICS Countries Mulls Stablecoin For Trade Settlement
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