Tether, the issuer of the world’s dominant stablecoin, has dismissed rumors of launching its native blockchain. CEO Paolo Ardoino clarified that the company intends to continue its strategy of integrating USDT across various networks to support decentralized use cases.
The senior executive also said that this approach is in line with Tether’s motto, “Unstoppable TogETHER”, emphasizing collaboration with other projects instead of creating a centralized solution. Market observers believe the decision to avoid launching a proprietary blockchain is likely influenced by the company’s desire to maintain a neutral stance and avoid regulatory scrutiny.
USDT, currently valued at over $118 billion, has a significant market share of around 75% in the stablecoin market. Its integration with various networks, including the recent launch of The Open Network (TON), has further strengthened its position as a crucial bridge between traditional finance and the crypto ecosystem.
However, Tether’s growing popularity and rapid growth have also attracted the attention of regulatory authorities. The company has been the subject of investigations related to money laundering and sanctions violations, raising concerns about its transparency and reserves. These issues led to market volatility, as evidenced by the brief fall below the dollar when news of the investigations surfaced.
Tether profited $2.5 billion in the third quarter
Amid these developments, the firm released its third quarter 2024 insurance opinion conducted by BDO. The report highlighted Tether’s financial strength, presenting record numbers (ATH) in terms of net profit, group equity and total assets.
The group made a net profit of $2.5 billion for the quarter, bringing nine-month consolidated profit to $7.7 billion and further increasing the group’s shareholders’ equity to $14.2 billion. These figures support the company’s stable dominance in the coin market, signaling strategic reinvestments emphasizing financial transparency.
As demand for a more transparent and decentralized stablecoin ecosystem increases, Tether remains committed to its current strategy. As the crypto industry continues to evolve, it will be interesting to see how Tether adapts to changing market dynamics and regulatory pressures.
