Tether CEO Paolo Ardoino said Tether has no plans to build an official blockchain “at the moment” after hearing rumors about Tether Chain.
In a November 4 X article, Tether CEO Paolo Ardoino denied any rumors that Tether (USDT) has an official blockchain in the works. He explained that Tether is currently focusing more on partnerships with other companies and communities instead of “trying to centralize everything.”
“I still hear some rumors about a Tether Chain. Tether has no plans to build an official blockchain at this time,” Ardoino said.
He then said that Tether has supported the integration of various independent Layer 2 networks to support the gas fees needed for USDT.
Ardoino also hints at a new product launch that was supposed to be planned around US election day, but Tether decided to push it back seven days so the news wouldn’t get drowned out by the “election noise.”
In a separate article, Ardoino cited the reason for Tether’s reluctance to enter the blockchain pool. He believes that establishing a Tether blockchain would strengthen centralization, saying “neutrality is very important.”
“Unstoppable TogETHER, our motto, highlights our interest in collaborating with other companies and communities rather than trying to centralize everything,” added Ardoino.
In a previous interview with Bloomberg in August 2024, Ardoino said the blockchain market was already very saturated. He also predicted that blockchains would become more of a “commodity” in the future.
“Launching a blockchain ourselves may not be the right decision. There are some really good blockchains out there,” Ardoino said.
At the time of writing, Ethereum, TRON, and Solana are the top three blockchains in terms of total value locked, according to data from DeFi Llama. Ethereum takes first place with a TVL of $47.55 billion and 381,444 active addresses. Meanwhile, TRON ranks second with $6.81 billion in TVL and 1.71 million active addresses. In third place is Solana with $5.92 billion in TVL and 4.28 million active addresses.
On November 1, Tether reported its third quarter 2024 results, which consisted of numerous records, including shareholders’ equity of $14.2 billion and total assets on a consolidated basis of $134.4 billion. Tether’s third quarter report also showed growing demand for USDT stablecoins, with circulation reaching nearly 30% in 2024. Tether also issued an additional $27.8 billion worth of tokens this year.
