Tether Expands With Wallet Supporting USDT, Gold & Bitcoin

Key Insights

• Tether launches Tether Wallet to promote financial inclusion according to its statement.
• The wallet only supports what it called the people asset, gold, Bitcoin and Tether stablecoins.
• The company has been busy diversifying investments and launching multiple products.

Tether launched a self-custodial wallet that supports Bitcoin and its issued tokens. This Tether wallet also enables users to hold USDT, USAT, and tokenized gold XAUT. The company announced the launch today, describing it as the People’s Wallet.

With 570 million USDT users, Tether’s new wallet has massive potential. Even if only a fraction of holders adopt it, the impact could be transformative for the company’s ecosystem.

Tether Says Wallet Will Promote Financial Inclusion

According to Tether, the wallet will further promote the financial inclusion that the company has achieved with its USDT stablecoin. It noted that the wallet gives end users direct control over payments and removes all intermediaries.

Beyond being self-custodial, it also enables users to transact as easily as possible. Bitcoin transactions are possible onchain through the wallet as it supports Light Network and Spark.

Users will also be able to send Tether stablecoins across Ethereum, Plasma, Polygon and Arbitrum networks. There are plans to expand supported blockchains within the next 30 days.

Interestingly, what appears to be a major selling point for the Tether Wallet is the user experience that it promises. The company stated users can generate human-readable addresses for any transaction with other wallet users.

The company CEO, Paolo Ardoino highlighted this the need to eliminate these complexities with crypto transactions. Ardoino said:

Gas fees are paid directly in the asset being transferred. This eliminates the need for network tokens such as ETH and TRON to pay gas fees. Unsurprisingly, the product is built on Tether’s open-source wallet development kit, which anyone can use to build wallet tools.

Tether Continues Diversification as Stablecoin Growth Slows

Meanwhile, Tether Wallet is another in the growing list of products launched by the stablecoin issuer. Over the past year, it has released everything from artificial intelligence to Bitcoin mining infrastructure.

It has also invested heavily in other companies and sectors, including Anchorage Digital, Gold.com, Layer Zero, Whop, and Eight Sleep. This continues a culture of diversification that has seen the company take stakes in everything from a football club to a social media platform.

Despite all these investments, its USDT stablecoin remains its core product. Its XAUT tokenized gold witnessed sizable growth over the past year. However, the USAT stablecoin launched for the US market earlier this year has yet to catch on, with only $20 million in supply.

However, the decline in the USDT growth rate might be a factor in the diversification efforts. USDT dominance in the stablecoin sector is reducing slightly,y with other stablecoins also muscling in.

USDT holds a 57.93% share of the stablecoin market, according to DefiLlama. Its market cap has stayed above $180 billion for months, showing both strength and consistency.

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