Tether CEO Paolo Ardoino has dismissed latest hypothesis concerning the firm’s plans to launch a proprietary blockchain community.
In a Nov. 3 put up on X, Ardoino clarified that Tether doesn’t intend to create its blockchain. He emphasised the corporate’s place by writing:
“Tether is just not planning to construct an official blockchain at the moment.”
Tether, the issuer of USDT—the world’s largest stablecoin with a market cap of over $120 billion—operates throughout over ten blockchain networks. These embrace Ethereum, Solana, TON, Aptos, and Algorand.
Why Tether is just not launching a blockchain community
Ardoino defined that Tether values “neutrality” and prefers to not centralize its operations by a proprietary blockchain. As a substitute, the corporate is concentrated on supporting USDT integration throughout present networks, together with help for fuel charges.
Ardoino furthered Tether’s major curiosity in partnerships with different firms and communities. He emphasised that the corporate’s mission is “Unstoppable TogETHER,” aligning with a collaborative method relatively than making an attempt to consolidate management below its chain.
In the meantime, Ardoino didn’t rule out the potential for launching a blockchain within the distant future. Nevertheless, he famous that his assertion was an try and “not exclude any risk.”
Blockchain networks
Tether’s stance contrasts with a latest development within the trade, the place extra corporations are growing their very own blockchain networks.
Centralized exchanges like Coinbase and Kraken have entered the area with their Ethereum layer-2 networks, Base and Ink, respectively. Equally, the DeFi platform Uniswap launched its scaling answer, Unichain, and the identity-focused crypto mission World launched World Chain.
On the identical time, different DeFi gamers like Aave are exploring community growth tailor-made to their consumer communities.
Nevertheless, critics like Sonic Labs co-founder Andre Cronje warning in opposition to the push to construct new networks. He highlights challenges corresponding to excessive infrastructure prices, fragmented liquidity, and restricted developer help, suggesting these components might inhibit the widespread adoption of those proprietary networks.