Stablecoin Company Plasma raised $ 24 million to develop a new blockchain for the world’s most popular stablecoin, Tether ‘S USDT.
According to the February 13 report, the financing round was led by the venture framework venture with the participation of Paolo Ardoino, BitfineX, Peter Thiel and Tether CEO.
Paul Faecks, a co -founder of Plasma, told Fortune that a new blockchain will be built on the Bitcoin network and will provide users by providing USDT (USDT) transactions.
USDT is already available in multiple block chains, but plasma is particularly focused on Stablecoin transactions, so you can quickly handle and solve transactions.
source: Paolo Ardoino
Although the user is not charged for Stablecoin transactions, a service provider that interacts with plasma such as curves and AAVE will be charged, FAECKS said.
Representatives of Bitfinex and Tether did not immediately respond to COINTELEGRAPH’s request.
TETHER recently integrated with Layerzero to connect Open Network (TON) with a wide range of ecosystems of USDT, more and more focused on crosschain settlement and interoperability.
TETHER also chose Arbitrum to provide the infrastructure layer of USDT0, a Crosschain us dollar stablecoin.
https://www.youtube.com/watch?v=-FL3RP7JGAC
relevant: The USDT operator tethers supports the initial encryption wallet zengo
The Stablecoin market is heated
Tether’s USDT is maintained in the largest stable state by market cap, but dominance is slowing down as Circle’s USD coin (USDC) is rebuilt as a major competitor. USDC’s circulation supply has recently surpassed $ 56 billion, more than doubled in Bear Market in November 2023.
In other places, Global Dollar Network Consortium, including KRAKEN, PAXOS, and Robinhood, supports the adoption of PAXOS’s USDG Stablecoin, which began in November.
Digital Asset Exchange Crypto.com is planning to launch its own Stablecoin this year, and other competitors are also mixed.
Stablecoin payment networks are also spreading, and Binance.us CEO Brian Shroder has launched 1Money, a layer -1 platform that supports multiple harmony stablecoins.
STABLECOINS is spreading as regulators are increasingly recognized as the legitimacy of asset classes.
TIMOTHY Massad will attend the hearing on digital assets, financial technologies and artificial intelligence of the US House of Representatives on February 11. source: GOP financial service
In the United States, the former chairman of the former commodity of the Products Trading Committee, Timothy Massad, called Stablecoins as “the most useful application of (blockchain) technology so far.”
MASSAD is currently a director of the Digital Asset Policy Project at Harvard University.
magazine: Bitcoin payments are damaged by centralized stability.