Tether (USDT) CEO Paolo Ardoino has put to rest rumors surrounding the potential launch of a dedicated Tether blockchain. In a recent post on X (formerly Twitter), Ardoino clarified, “Tether is not planning to build an official blockchain at this time.”
On November 4, Ardoino explained that Tether’s decision to hold off on creating an exclusive blockchain stems from the need to maintain neutrality, which he considers crucial. Rather than creating its own blockchain, Tether is focusing on integrating its stablecoin across various networks, enhancing utility by supporting gas fees.
Highlighting Tether’s collaborative ethos, Ardoino emphasized that the company’s motto, “Unstoppable TogETHER,” reflects its intent to work with existing companies and communities instead of centralizing everything on a Tether-centric chain.
Recently, on November 1, Tether introduced a Dirham-pegged stablecoin on the TON Blockchain in partnership with Phoenix Group and Green Acorn, a project revealed at the Gateway 2024 event in Dubai. Tether’s CEO also teased two upcoming product releases for November, dubbing the month “Tethember.” However, Ardoino later announced a slight delay due to the U.S. elections, as he aims to avoid overshadowing the launch amid election-related news.
Tether’s Take on the Blockchain Landscape
As competition intensifies among stablecoin issuers, Tether has reiterated its focus on defending its market position. Ardoino stated that the blockchain space has become highly saturated, with many “good blockchains” already in place.
In an interview with Bloomberg, he highlighted that Tether doesn’t see value in building another blockchain, as he believes that in the future, blockchains could become more like commodities. Current data from DeFiLlama supports this, with the top five blockchains controlling over 75% of the total value locked (TVL) in assets, and Ethereum leading with around $47.64 billion in TVL, accounting for 55.24%.
Ardoino asserted that Tether will continue to remain “blockchain agnostic,” focusing on partnering with chains that prioritize speed, low transaction fees, and robust security.
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