Tether CEO Paolo Ardoino revealed that the company would launch a new class of digital asset products on June 17.He wrote on social media platform X:“After a year of hard work, Tether will unveil its new class of digital assets products on Monday 17th June.”While specific details about these products are still under wraps, the move reflects Tether’s expanding influence and ambitions in the financial sector. In May, Ardoino hinted at the company’s plans to emulate USDT’s success by eliminating monopolistic intermediaries in financial markets.At the time, he disclosed plans for a peer-to-peer financial markets terminal utilizing Holepunch technology. He said:“Tether might put significant resources to build a P2P financial markets terminal, based on Holepunch tech. As humanity is enjoying getting rid of monopolistic intermediaries for payments, we could also enjoy the same result in financial markets data infrastructure.”Tether has yet to respond to CryptoSlate’s request for comment as of press time.Over the past year, Tether has intensified its diversification efforts beyond its USDT stablecoin product. The company has restructured its operations into four distinct sectors, including finance, data, education, and power.These restructuring efforts aim to enhance its USDT distribution network and invest in ventures such as AI and Bitcoin mining.Ardoino emphasized the company’s commitment to this strategy, announcing plans to invest over $1 billion in various deals within the next year. He reportedly said:“It’s all about investing in technology that helps with disintermediation with traditional finance. Less reliance on the big tech companies like Google, Amazon and Microsoft.”Meanwhile, these diversification efforts coincide with Tether’s improved finances. In its first-quarter report, the company generated substantial profits of more than $4 billion, with its USDT stablecoin accounting for around 70% of the market.Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.AJ, a passionate journalist since Yemen’s 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting. Stay ahead with crypto’s key news and insights. Delivered directly, every day.Section 423 of the Intelligence Authorization Act could limit transactions for major DeFi protocols and stablecoins if they facilitate prohibited transactions.The crypto industry faces phishing threat after potential email vendor hack.Over the past month, Tether has stepped up its investment efforts in the Bitcoin mining sector.Market observers said this substantial minting activity would be used to provide liquidity for the market.CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
