Stablecoin company Plasma has raised $24 million to develop a new blockchain specifically for Tether’s USDt. Led by Framework Ventures with participation from Bitfinex, Peter Thiel, and Tether CEO Paolo Ardoino, Plasma aims to create a zero-fee transaction platform for USDt on the Bitcoin network, focusing on stablecoin trading for fast transaction processing. Although USDt is already deployed on multiple blockchains, Plasma's effort seeks to offer enhanced performance. While users will enjoy free transactions, providers like Curve and Aave interacting with Plasma will incur fees. Tether is strategically enhancing cross-chain interoperability and recently integrated with LayerZero. USDt remains the largest stablecoin but faces increasing competition from Circle’s USD Coin, which has seen significant growth. The stablecoin market is evolving, with new players and increasing regulatory recognition of the asset class's legitimacy.

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