The stablecoin monopoly, Tether, has launched its own blockchain.
Everything about the coin invested in by Peter Thiel
[Plasma, XPL coin]
Let's get started.
1/ The Plasma blockchain launched on September 25, and within less than a month, Tether's unique blockchain was sold at around 70 won during the presale.
The launch price started at about 1,000 won, and after an increase of about two times, there is currently a trend of many early investors exiting.
2/ Peter Thiel, co-founder of Paypal,
co-founder of Palantir,
Peter Thiel is someone every investor knows.
With a strategic investment from Founders Fund, which Thiel co-founded, he participated in the early round of Tether's Plasma (XPL).
3/ Tether's Assets
- Approximately 109,400 BTC
- About 7.7 tons of gold
- Approximately $127 billion in U.S. Treasury bonds
The company's valuation is currently around $500 billion,
which is similar to or higher than Palantir's market capitalization.
4/ USDT-0
Tether has launched USDT0 (Zero) in addition to the existing USDT. Reason:
It has created a "multi-chain USDT" that surpasses the existing USDT.
USDT0 has been released, which will be usable on certain blockchains.
5/ Existing USDT
Officially, USDT has only been used on a few chains, notably Ethereum, Tron, Solana, and Avalanche.
The use on other chains has been in the form of bridged USDT, which has not been circulated under Tether's management.
In pursuit of perfect circulation and control with the new USDT0, the development of the new USDT0 also allows for the exclusive capture of profits generated from USDT transaction fees.
6/ Risks
- Risks of initial blockchain bugs or validation
- Doubts about the sustainability of the zero-fee model,
needs to be verified over time
- Token economics, XPL staking with 5% annual inflation
- Not being a U.S. company
7/ Conclusion
We need to observe it a bit longer, but since it is Tether's unique blockchain, I plan to keep an eye on it.
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