30s Summary
Tether has launched Hadron, a platform that enables the creation and management of digital tokens based on real-world assets. The platform aids countries, businesses, and asset managers to tokenize items like stocks, bonds, and loyalty points. It also includes safeguards against money laundering and user identity verification systems. Separately, Tether is exploring energy and commodity-backed blockchain tokens, and has suggested a boron-backed token to the Turkish government. The company recently entered into oil trading, closing a $45 million deal with its Tether-US dollar stablecoin (USDT). Tether announced Q3 2024 profits of $2.5 billion with total assets amounting to $134 billion.
Full Article
Tether, a company that issues stablecoins, has unveiled a new platform named Hadron. This platform offers a way for businesses, asset managers, and even entire countries to create and manage digital tokens based on real-world assets like stocks, bonds, and loyalty points.
The folks at Tether believe that traditional financial establishments create closed-off systems that are difficult for the general public to navigate. However, with Hadron, they’re dedicated to creating a system that’s more open and inclusive. They’ve even designed the platform with strong safeguards against money laundering and have systems in place for verifying the identities of users.
A cool feature of Hadron is that it allows entities like countries and corporations to create digital tokens based on groups of commodities or real-world assets. This has garnered attention due to a proposed shake-up of the International Monetary Fund’s Special Drawing Rights – an international reserve asset made up of five different currencies.
In other Tether news, the company has started exploring energy and commodity-backed blockchain tokens. As part of this venture, they proposed a token backed by boron, a mineral used in products like cleaners and fertilizers, to the Turkish government. Turkey controls about 70% of the world’s boron supply.
In addition, Tether ventured into the oil trading business and even closed a $45 million deal involving the transport of oil from the Middle East using their Tether-US dollar stablecoin (USDT). They also launched a stablecoin – digital currency designed to be stable and not volatile – linked to the UAE’s dirham currency on The Open Network blockchain.
Tether has shared some impressive numbers. The company announced a profit of $2.5 billion in Q3 2024 and reported a whopping $134 billion in total assets. These announcements give us a glimpse into why the world of tokenized assets is expected to skyrocket to almost $11 trillion by the end of this decade.