Tether, the company behind the USDT stablecoin, has announced the launch of Pear Credit, a peer-to-peer (p2p) credit system that allows issuers to create p2p credit tokens.
The company said in a press release that the product won't rely on blockchain, but will still be a cheaper way for credit issuers as it will be "decentralized." It is unclear what technology underlines the platform.
Developed with Holepunch and Synonym, the new system will be the "perfect tool for companies that want to issue reward points or stablecoins," Tether assures. Paolo Ardoino, CTO of Tether, said:
"The value of a product like this is so great, that many avenues of its potential are yet to be explored."
John Carvalho, the head of Synonym, added the platform will combine the "Lightning-Network-styled speed" with p2p networked storage systems, but didn't elaborate on the tech side of the project.
