Tether Chief Executive Officer Paolo Ardoino on 20 June announced PearPass, an open-source password manager that stores data only on users’ devices rather than in the cloud. The project was developed after a breach that exposed an estimated 16 billion passwords, the largest known leak of credentials to date. Ardoino said the incident underscored that “the cloud has failed us,” adding that PearPass is intended to eliminate the server-side vulnerabilities that have plagued existing password managers. While no launch date was disclosed, Tether plans to release the software “soon” under a licence that allows public code audits. The initiative marks the stablecoin issuer’s latest move beyond payments into wider consumer security infrastructure.