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Cryptocurrency News Articles
Tether Announces Hadron, a Tokenization Platform for Digital and Real-World Assets
Nov 15, 2024 at 06:31 pm
Tether, the stablecoin powerhouse, has announced Hadron, a tokenization platform for digital and real-world assets, amidst a surge in the tokenization of financial products on decentralised networks.
Stablecoin behemoth Tether has unveiled Hadron, a tokenization platform for both digital and real-world assets, amid a surge in the tokenization of financial products on decentralized networks.
Hadron enables users to tokenize a diverse range of assets, encompassing stocks, bonds, stablecoins, and loyalty points, Tether noted in a statement on Thursday.
The platform aims to streamline the tokenization process for both individual and institutional investors, the company stated.
The service spans the entire tokenization lifecycle, offering risk management tools, know-your-customer (KYC) and anti-money laundering (AML) compliance, and secondary market monitoring. Initially, the platform will support Ethereum, Avalanche, and Blockstream’s Bitcoin scaling network Liquid. A Tether spokesperson also mentioned that the Telegram-adjacent TONNE network and additional smart contract chains will be added “soon.”
Tether CEO Paolo Ardoino stated, “We believe ‘Hadron by Tether’ will greatly enhance the financial industry.”
The company notably issues the $126 billion stablecoin USDT and the $600 million gold-backed token XAUT. It also recently claimed $7.7 billion in group-wide net profits this year, largely driven by the yield on its $80 billion stockpile of US Treasuries.
Tether expands into energy, proposes commodity-backed coins
Tether's announcement of the Hadron tokenization platform coincides with the company's broader expansion into energy and commodity-backed blockchain tokens.
In October 2024, Tether proposed a boron-backed token to the Turkish government. Turkey holds over 70% of the global supply of the mineral, which finds applications in diverse industries such as fertilizer, household cleaning products, and glass production.
During the same month, the stablecoin issuer also ventured into oil trading. Tether's $45 million transaction involved transporting 670,000 barrels of oil from the Middle East using the Tether-US dollar stablecoin. At the TON Gateway event in Dubai, Tether also announced the launch of its new dirham-pegged stablecoin on the TONNE network.
Moreover, the company recently unveiled a wallet development kit for Bitcoin (BTC) and USDT wallets, targeting developers and AI agents.
In a financial report on October 31, the stablecoin firm announced earnings of $2.5 billion for the third quarter of 2024 and disclosed total assets of around $134 billion.
Tether Issues $2 Billion USDT in 24 Hours, Total Minting Reaches $7 Billion in Six Days
Meanwhile, Tether has minted another 2 billion USDT a few hours back today, bringing the total stablecoin issuance to $7 billion within the last six days.
Several 1 billion USDT tranches have been credited to Tether’s Treasury in recent days, culminating in today's 2 billion USDT influx. According to Look, on-chain data from blockchain tracking tools shows that the funds were transferred to Bitfinex’s multi-signature wallets before being routed to the Tether Treasury. Notably, several analysts have highlighted the correlation between the surge in Bitcoin and Tether’s increased minting activity.
Attached blockchain transfer data shows transactions from Bitfinex MultiSig to Tether Treasury and other related addresses. The massive volume and high frequency of these issuances highlight Tether's role as a primary liquidity provider in the crypto market
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