Paolo Ardoino: Tether is not planning to build an official blockchain
Tether currently operates on various blockchain platforms
Tether, the issuer of the world’s largest stablecoin USDT, has confirmed that it is not planning to develop its own blockchain.
This was announced by the company's CEO Paolo Ardoino. The statement aims to dispel speculation that Tether might seek to join the ranks of blockchain creators in an already competitive industry.
Ardoino’s remarks come as the cryptocurrency landscape continues to evolve, with several major players either launching their own blockchain platforms or exploring blockchain development to exert greater control over their ecosystems.
Loading...
However, Ardoino made it clear that Tether’s focus remains on its core mission: providing a stable, liquid digital asset that facilitates efficient global transactions. According to him, Tether’s goal is to remain blockchain-agnostic and support multiple chains to enhance the utility of its USDT stablecoin, rather than developing and maintaining a proprietary blockchain.
Tether currently operates on various blockchain platforms, including Ethereum, Tron, and Solana, which provide the infrastructure needed for its stablecoin transactions. This multi-platform approach has been integral to its widespread adoption and robust market presence.
Tether’s strategy is to leverage existing blockchain networks to continue its expansion and maintain its leadership in the stablecoin market, rather than diverting resources to create a new blockchain that would require significant investments in development and security.
The statement is seen as a reaffirmation of Tether’s strategic focus at a time when the stablecoin sector is under increased regulatory scrutiny. Tether’s decision to avoid building a proprietary blockchain aligns with its emphasis on maintaining liquidity and broad accessibility.
Analysts suggest that this move could help Tether stay agile and adaptable to changes across different blockchain ecosystems.
We recently wrote that Tether recorded a record profit of 2.5 billion dollars. The bulk of Tether’s backing for USDT comes from a substantial reserve in U.S. Treasury bills, totaling over $102.5 billion, placing it among the top 20 holders of U.S. debt globally.
