Earlier this year, rumors circulated that Tether was preparing to launch its own blockchain, sparking excitement in the crypto community. Some even called the move revolutionary. However, Tether CEO Paolo Ardoino recently announced a change of plans.
What is behind this change? Let’s explore it together.
Tether’s New Direction: No New Blockchain
According to a recent statement from Tether CEO Paolo Ardoino, the company has decided to abandon its plans to create a new blockchain. Ardoino pointed out that the blockchain market is already crowded, making it less viable for a new entrant. This marks a notable shift in Tether’s strategy.
The main blockchains on the market
Currently, five major blockchains dominate the market in terms of total volume locked (TVL) and market share: Ethereum, TRON, Solana, BNB Smart Chain, and Arbitrum One.
| Blockchain | TVL | Dominance |
| Ethereum | $50,241,255,486 | 60.17% |
| TRON | $8,314,424,061 | 9.96% |
| Solana | $5,012,599,349 | 6.00% |
| BNB Smart Chain | $4,498,485,005 | 5.39% |
| Arbitrum One | $2,776,928,251 | 3.33% |
Together, these five blockchains control nearly 85% of the market. Ethereum stands out with a significant share of 60.17%, while TRON, Solana, BNB Smart Chain, and Arbitrum One have much smaller shares at 9.96%, 6.00%, 5.39%, and 3.33%, respectively.
Tether now focuses on USDT
Given the current environment, Tether is now focusing on the security and sustainability of its stablecoin, USDT. The company seems less concerned with launching a new blockchain and more focused on maintaining the stability of its existing offerings.
Also read: Bitcoin’s remaining supply opens up $74 billion opportunity: What it means for miners
Is Tether’s focus on USDT security a good decision? Let us know what you think.
