October 28, 2022— Pear Credit, a peer-to-peer credit system that allows issuers to create peer-to-peer credit “tokens” was announced today. Founded by Tether, Holepunch, and Synonym, Pear Credit promises a pure peer-to-peer protocol that gives credit issuers a faster, cheaper, and more scalable token format, without relying on blockchains or any global shared-state networks.

Pear Credit is one of the cornerstone products in a series of peer-to-peer applications developed by Tether, Holepunch, and Synonym that will put control of the economy back in the hands of the people. Unlike traditional credit systems, Pear Credit is a transparent accounting system that leverages peer-to-peer technology to reach high scalability and resilience, perfect for big enterprises and one-person companies. Pear Credit will be the perfect tool for companies that want to issue gift cards, reward points, stablecoins, and any form of credit imaginable.

“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.,” said Paolo Ardoino, CTO of Tether. “The value of a product like this is so great, that many avenues of its potential are yet to be explored.”

“Peer-to-peer applications will be essential in helping the transition from Web 2, ”Mathias Buus, CEO of Holepunch Inc. “Rather than relying on centralized entities who operate through a centralized infrastructure, the way that most of today’s traditional financial applications work, Pear Credit is fully transparent, scalable, decentralized and open.”

“Pear Credit will be a strict upgrade to existing credit systems and token formats.,” said John Carvalho of Synonym. “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.”