Tether Unveils 'Super App' to Compete with Tech Giants, Empowering Users with Decentralization

Tether's CTO, Paolo Ardoino, envisions his new peer-to-peer app, Keet, as a challenge to tech giants. Built on the Pear Runtime, Keet eliminates server infrastructure and enhances developer freedom. Despite growing interest in Asia, Tether remains committed to transparency and anti-crime measures, with USDT reserves attestations and ongoing collaborations with law enforcement agencies. Nonetheless, Ardoino emphasizes that Keet serves the underbanked, offering financial freedom in line with Tether's mission of decentralization.

Tether's Ardoino Unveils Decentralized 'Super App' to Challenge Tech Giants

In an exclusive interview conducted via Keet, Tether co-founder and CTO Paolo Ardoino unveiled a revolutionary decentralized "super app" that aims to disrupt the dominance of tech behemoths like Meta and Google. Ardoino, a staunch advocate for Bitcoin and financial freedom, believes that this new venture will empower developers and users alike by eliminating the need for expensive server infrastructure.

Built upon the innovative Pear Runtime technology, Keet enables peer-to-peer communication, freeing developers from the constraints of centralized servers and allowing them to focus on creating groundbreaking applications. Ardoino emphasized the financial backing of Tether, which generated over US$6 billion in profit in 2022, as a key factor in the development of this innovative platform.

"Our mission is not about accumulating wealth but about investing in companies that align with our vision of bringing freedom and creating tools that can withstand adversity," Ardoino declared.

Keet, the flagship application utilizing Pear Runtime, embodies this vision. It incorporates end-to-end encryption, ensuring privacy in communication. While IP addresses are visible within chat rooms, messages remain secure and traffic cannot be publicly monitored, ensuring that only intended recipients have access to them.

Holepunch CEO Mathias Buus Madsen acknowledged the growing popularity of Keet in Asia, particularly in India and the Hong Kong region, although specific developer statistics could not be shared due to privacy concerns. The app has also embraced cryptocurrency functionality by integrating a Lightning wallet, enabling fast and inexpensive bitcoin transactions. Ardoino expressed the upcoming integration of Tether (USDT) as well.

"Bitcoin is an unstoppable currency, and Keet is an unstoppable app. That's why Bitcoin integration was a natural first step," Ardoino explained. "However, USDT will be available soon, likely within the next few months."

As the crypto market recovers from the 2022 crash, Tether's USDT stablecoin has regained its dominance, surpassing US$100 billion in total market value and currently hovering around US$106 billion, according to CoinGecko. DefiLlama reports that Tether holds a commanding 70% market share in the stablecoin sector, with a total circulation value of US$152 billion.

This outsized presence has attracted increased scrutiny, raising questions about the transparency of Tether's reserves. Ardoino stated that Tether has been releasing quarterly attestations of its reserves and plans to publish data in real-time, though a timeline for implementation was not provided. He acknowledged the challenges posed by the FTX collapse, which has made major accounting firms apprehensive about working with significant crypto firms due to reputational concerns.

"FTX has certainly not simplified our situation," Ardoino remarked.

Another controversial aspect of Tether has been its alleged involvement in cybercrime. Ardoino vehemently refuted these accusations, highlighting Tether's collaboration with law enforcement agencies in tracking criminals using USDT.

"Any criminal using Tether must be exceptionally foolish," Ardoino asserted, emphasizing the transparency provided by the public blockchain on which Tether operates.

Meanwhile, financial regulators have expressed concerns about the impact of stablecoins on financial stability, particularly regarding capital flight. The Hong Kong Monetary Authority initiated a public consultation in December on stablecoin regulations, requiring issuers to obtain licenses. Ardoino confirmed that Tether is closely monitoring regulatory developments in Hong Kong and is exploring partnerships with local firms to engage the market.

When asked whether Keet could potentially facilitate money laundering or destabilize financial systems, Ardoino downplayed the risks.

"USDT empowers the marginalized, those for whom a bank account and access to mainstream financial services are out of reach," he argued. "Traditional banking institutions have largely ignored their needs."

Ardoino emphasized that Keet is driven by an ideological commitment to freedom and privacy. Quoting the Joker in Christopher Nolan's "The Dark Knight," he declared, "It's not about the money; it's about sending a message."