Tether, the world’s largest stablecoin issuer, has introduced an open-source wallet development kit (WDK) aimed at helping businesses and developers integrate non-custodial wallets into websites and applications.
The WDK is designed to simplify wallet integration for USDT and Bitcoin, offering support for human users and emerging technologies like AI agents and robots, the firm said in a Monday blog post.
Tether described the WDK as a modular and scalable solution that eliminates the need for third-party custody and grants users full control over their digital assets.
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Tether’s Open-Source WDK Kit is Versatile
The software also includes streamlined setup processes and UI templates to facilitate the creation of non-custodial user experiences across multiple platforms, including mobile devices, laptops, websites, and even autonomous systems.
In a post on X, Tether CEO Paolo Ardoino said the kit is versatile and emphasizes its compatibility with everything from embedded devices to robotic systems.
Ardoino noted that while the WDK initially supports Bitcoin and Tether, it will expand its capabilities in future updates.
“WDK by Tether is focusing on open-source, super-modular, highly scalable and battle-tested development libraries that are easy to integrate on any platform, from embedded devices to mobile, from laptop apps to websites, from AI agents to robotic brains.”
WDK by Tether: why?
The future is unpredictable: chaos, instability, or prosperity – no one knows. But with WDK by Tether we can build programmable, open, and resilient monetary systems that connect people, machines, robots, families, communities, AI agents, societies, and even… https://t.co/fTX6qAQSNX
— Paolo Ardoino 🤖🍐 (@paoloardoino) November 11, 2024
Tether continues to dominate the stablecoin market with $124 billion USDT in circulation, capturing 68% of the market share, according to CoinGecko.
Most of its tokens are issued on the Tron and Ethereum blockchains. On November 6, the company facilitated the transfer of more than 2 billion USDT to Ethereum for a large exchange that was moving its holdings.
The company’s reserves remain robust, with Tether disclosing holdings of over $100 billion in U.S. Treasurys, more than 82,000 Bitcoin, and 48 tons of gold.
Despite Tether’s dominance, Circle, its closest competitor, holds a 20% market share and has $37 billion in USD Coin (USDC) in circulation.
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Tether Achieves Record Profits In Q3
Meanwhile, Tether achieved record-breaking financial results in the third quarter of 2024, reporting $2.5 billion in profits. This marked the highest quarterly profit in the company’s history and pushed its nine-month profit total to an impressive $7.7 billion.
Tether’s consolidated assets reached $134.4 billion, with $14.2 billion in group equity, as noted in its Q3 attestation conducted by BDO.
The Q3 attestation revealed Tether’s strong reserve position, boasting over $105 billion in cash and cash equivalents, with $102.5 billion in US Treasuries alone.
The substantial holding would position Tether among the world’s top holders of U.S. Treasuries, ahead of economies like Germany and Australia.
Tether has further bolstered its reserve buffer to over $6 billion, while profits from its gold holdings contributed approximately $1.1 billion in unrealized gains.
Tether Investments, the company’s venture arm, made notable strides in strategic sectors, reaching $7.7 billion in investments across industries like renewable energy, AI, and Bitcoin mining, with an additional 7,100 BTC held.
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