New York, Monday, November 08, 2024 – Tether CEO Paolo Ardoino has dismissed speculation about the company launching its own blockchain, affirming instead Tether’s commitment to supporting its stablecoin, USDT, on multiple existing platforms.
Ardoino, addressing these rumors on X, emphasized that Tether values neutrality over building its own chain, underscoring a strategy focused on partnerships rather than centralization.
Ardoino said that Tether’s motto, “Unstoppable TogETHER,” reflects its collaborative approach, favoring integration across independent Layer 2 solutions.
Tether recently partnered with the TON blockchain to launch a Dirham-pegged stablecoin in collaboration with Phoenix Group and Green Acorn, announced at Dubai’s Gateway 2024 event.
The CEO also hinted at upcoming releases, dubbing the month “Tethember,” with two products slated for launch.
However, these have been delayed to avoid overshadowing by U.S. election coverage, pushing the release date back by a week.
In an interview with Bloomberg, Ardoino reaffirmed that blockchain is a “saturated market,” suggesting that blockchains will eventually become commoditized.
According to DeFiLlama data, the top five blockchains, led by Ethereum, control over 75% of the market’s total value locked (TVL), with Ethereum alone holding $47.64 billion in assets.
Tether’s decision to remain blockchain-agnostic reflects its focus on security, efficiency, and maintaining its leading position in the stablecoin space amidst growing competition.
