{"id":830603,"date":"2025-02-28T14:11:49","date_gmt":"2025-02-28T20:11:49","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2025\/02\/28\/with-peter-thiel-paolo-ardoino-backing-plasma-to-launch-blockchain-for-tether-on-bitcoin-network\/"},"modified":"2025-02-28T14:11:49","modified_gmt":"2025-02-28T20:11:49","slug":"with-peter-thiel-paolo-ardoino-backing-plasma-to-launch-blockchain-for-tether-on-bitcoin-network","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2025\/02\/28\/with-peter-thiel-paolo-ardoino-backing-plasma-to-launch-blockchain-for-tether-on-bitcoin-network\/","title":{"rendered":"With Peter Thiel, Paolo Ardoino Backing: Plasma to Launch Blockchain for Tether on Bitcoin Network"},"content":{"rendered":"<p>Bitcoins <\/p>\n<div>\n<div id=\"blockquote-block_8730c5f03ca3d2cc2b91da39999721d4\">\n<ul>\n<li aria-level=\"1\"><span>Stablecoin company Plasma raised US$24M to develop an EVM-compatible Bitcoin sidechain enabling fee-free USDT transactions.\u00a0<\/span><\/li>\n<li aria-level=\"1\"><span>The funding round was led by Framework Ventures, with participation from Bitfinex, Peter Thiel, and Tether CEO Paolo Ardoino.<\/span><\/li>\n<li aria-level=\"1\"><span>Co-founder Paul Faecks emphasised the initiative aligns with global efforts to boost stablecoin adoption.<\/span><\/li>\n<\/ul>\n<\/div>\n<p>Stablecoin company Plasma has secured US$24M (AU$38M) in funding to develop a USDT-focused blockchain. The company is developing an EVM-compatible Bitcoin sidechain designed to facilitate fee-free transactions for Tether\u2019s USDT stablecoin.<\/p>\n<p>According to a Feb. 13 Fortune <a href=\"https:\/\/fortune.com\/crypto\/2025\/02\/13\/exclusive-stablecoin-company-plasma-raises-24-million-from-framework-to-launch-its-own-blockchain\/\">report<\/a>, Framework Ventures led the funding round, which included participation from Bitfinex, Peter Thiel, and Tether CEO Paolo Ardoino.<\/p>\n<p><strong>Related:<\/strong><a href=\"https:\/\/cryptonews.com.au\/news\/eth-gains-despite-expert-warning-on-etf-inflows-vs-true-dominance-126314\/\"><strong> ETH Gains Despite Expert Warning on ETF Inflows vs True Dominance<\/strong><\/a><\/p>\n<h2 id=\"h-plasma-to-offer-zero-usdt-transaction-fees\">Plasma To Offer Zero USDT Transaction Fees<\/h2>\n<p>According to co-founder Paul Faecks, Plasma\u2019s new blockchain will be built on the Bitcoin network and offer zero-fee USDT transactions:<\/p>\n<div id=\"blockquote-block_f25db0145d62a7579d5ab37e01495baf\">\n<p><em>By leveraging Bitcoin as a foundation, zero-fee USD\u20ae transfers, alongside a purpose-built ecosystem and infrastructure for stablecoins with deep liquidity, Plasma creates the most secure, scalable, and efficient blockchain for stablecoins on the market.<\/em><\/p>\n<p><img decoding=\"async\" data-eio=\"l\" data-old-src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" src=\"https:\/\/cdn.cryptonews.com.au\/2025\/02\/14132817\/Paul-Faecks-Plasma-co-founder.jpg\">        Paul Faecks, Plasma co-founder    <\/p>\n<\/div>\n<p>While users will not be charged for stablecoin transactions, service providers such as Curve and Aave will incur fees for interacting with the network.<\/p>\n<p>Furthermore, Faecks stated that the project aligns with industry efforts to boost dollar-backed stablecoin adoption, particularly following US lawmakers introducing <a href=\"https:\/\/cryptonews.com.au\/news\/genius-move-senator-hagerty-introduces-us-stablecoin-bill-126150\/\">stablecoin bills<\/a> to promote their growth.<\/p>\n<div id=\"blockquote-block_ff6a290baa7bb1dcf0eee752a5868080\">\n<p><em>With US President Donald Trump signing an executive order to promote the development and growth of dollar-backed stablecoins, we believe that stablecoins will play an important role in global US dollar dominance over the next decade.<\/em><\/p>\n<p><img decoding=\"async\" data-eio=\"l\" data-old-src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" src=\"https:\/\/cdn.cryptonews.com.au\/2025\/02\/14132817\/Paul-Faecks-Plasma-co-founder.jpg\">        Paul Faecks, Plasma co-founder    <\/p>\n<\/div>\n<p><strong>Related: <\/strong><a href=\"https:\/\/cryptonews.com.au\/news\/vaneck-estimates-23-billion-surge-in-bitcoin-buying-from-state-level-reserve-bills-126317\/\"><strong>VanEck Estimates $23 Billion Surge in Bitcoin Buying from State-Level Reserve Bills<\/strong><\/a><\/p>\n<p>This investment follows a US$3.5M (AU$5.54M) funding round led by Bitfinex in October 2024. USDT continues to be by far the largest stablecoin globally, with a market capitalisation of US$142.42B (AU$224B) out of a total stablecoin supply of US$219.71B (AU$346B).<\/p>\n<\/p><\/div>\n<p> Jos\u00e9 Oramas <a href=\"https:\/\/cryptonews.com.au\/news\/with-peter-thiel-paolo-ardoino-backing-plasma-to-launch-blockchain-for-tether-on-bitcoin-network-126330\/\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stablecoin company Plasma raised US$24M to develop an EVM-compatible Bitcoin sidechain enabling fee-free USDT transactions.\u00a0 The funding round was led by Framework Ventures, with participation from Bitfinex, Peter Thiel, and Tether CEO Paolo Ardoino. Co-founder Paul Faecks emphasised the initiative aligns with global efforts to boost stablecoin adoption. Stablecoin company Plasma has secured US$24M (AU$38M)<\/p>\n","protected":false},"author":1,"featured_media":830604,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1863,31869],"tags":[11476],"class_list":{"0":"post-830603","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-peter","8":"category-thiel","9":"tag-bitcoins"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/830603","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=830603"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/830603\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/830604"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=830603"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=830603"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=830603"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}