Tether’s CEO says the stablecoin company is close to adding new projects to its ecosystem.

Tether, the world's largest stablecoin USDT issuer, plans to launch five new projects in 2024 to further expand its business scope beyond stablecoin issuance.

Tether CEO Paolo Ardoino hinted at the new projects in a recent tweet, saying the company is “very close” to adding “another extremely powerful puzzle piece” to its ecosystem.

Tether CTO Hints at 5 ‘Exciting’ Projects Coming in 2024

According to Ardoino, some of these upcoming projects are designed to disrupt some of the well-known centralized Web2 services.

It is unclear which Web2-focused service Ardoino is referring to. However, the CEO noted that all projects will be “pure real-world ecosystem” projects or “things that people actually need.”

Beyond Stablecoin Issuance

While Ardoino did not provide specific details on the upcoming projects, his latest comments underscore Tether’s commitment to expanding its reach beyond stablecoin issuance.

In recent months, the company has been delving deeper into other areas of the digital asset space. According to media reports, the stablecoin issuer has invested resources in energy production and sustainable Bitcoin (BTC) mining operations in Uruguay in partnership with a local authorized company.

Meanwhile, the latest developments come weeks after Tether released its second quarter (Q3) 2023 attestation report, which showed $3.2 billion in excess reserves backing its stablecoins, including USDT. The report, audited by top accounting firm BDO, showed that Tether’s secured loans fell by $330 million in the second quarter to $5.2 billion in the third quarter.

Tether disclosed in the report that it invested approximately $670 million in industry-related research areas during the quarter, including sustainable energy, bitcoin mining, data and peer-to-peer (P2P) technology, and has invested approximately $800 million in the same projects since the beginning of the year. #Tether  #Web2