Tether, the company behind the world’s largest stablecoin Tether (USDT/USD), has together with encrypted protocol Holepunch and Bitcoin-focused platform Synonym, unveiled a new peer-to-peer (P2P) credit system.
Dubbed ‘Pear Credit’ and announced today, 28th October 2022, the new Lightning Network-speed enabled credit system will allow credit issuers to create P2P credit “tokens” in a cheaper, faster and more scalable manner.
Issuers leveraging this pure P2P protocol won’t have to rely on blockchains or other major shared-state networks. No middle man or system – just pure, plain peer-to-peer.
Paolo Ardoino, the CTO of Tether, commented:
“We think Pear Credit represents an easy-to-use, scalable module and flexible solution for all the companies in the world that issue credit; gift cards, rewards tokens, travel miles and stablecoins are all possible. The value of a product like this is so great, that many avenues of its potential are yet to be explored.”
Pear Credit will ‘obsolete’ traditional credit systems
According to Tether, Pear Credit is one among a series of peer-to-peer applications the company, and its partners Holepunch, and Synonym, are releasing as they target giving economic control back to the public.
Pear Credit’s transparent accounting system is a perfect solution for all users, whether a multinational enterprise or a one-person company. Anyone can leverage it to issue stablecoins, gift cards, reward points, or whatever credit form they want, Tether noted via the company blog.
Commenting on the launch, Synonym’s John Carvalho said:
“Pear Credit will be a strict upgrade to existing credit systems and token formats. By combining the Lightning-Network-styled speed with cutting-edge P2P networked storage systems, Pear Credit will unlock a new era of digital society and the economy. There will be Bitcoin and credit, obsoleting all else.”