Paolo Ardoino, the chief executive officer of Tether, said Tether has no plans of building a an official blockchain ‘at this time’ after hearing rumors of Tether Chain.
In an <a rel="noopener noreferrer nofollow" href="https://x.com/paoloardoino/status/1853154856065765793" target="_blank">X post</a> on Nov. 4, Tether’s CEO, Paolo Ardoino, denied any rumors that stated Tether (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/tether/">USDT</a>) had an official blockchain in the works. He explained that Tether is currently more focused on partnering with other companies and communities instead of “trying to centralize everything.”
“I hear again few rumors about a Tether Chain. <a rel="noopener noreferrer nofollow" href="https://crypto.news/tag/tether/">Tether</a> is not planning to build an official blockchain at this time,” said Ardoino.
He went on to state that Tether has backed the integration of various independent <a rel="noopener noreferrer nofollow" href="https://crypto.news/tag/layer-2/">layer 2</a> networks in order to support the gas fees needed for USDT.
Ardoino also <a rel="noopener noreferrer nofollow" href="https://x.com/paoloardoino/status/1853159309447700757" target="_blank">hints</a> at a new product launch that was supposed to be scheduled around the U.S Election day, but Tether decided to push it back seven days so that the news would not be drowned out by the “election noise.”
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
 https://twitter.com/paoloardoino/status/1853157037854646643
 </div>
</figure>
In a separate <a rel="noopener noreferrer nofollow" href="https://x.com/paoloardoino/status/1853157037854646643" target="_blank">post</a>, Ardoino cited the reason for Tether’s reluctance to jump into the blockchain pool. He believes establishing a Tether blockchain would enforce centralization, stating that “neutrality is very important.”
“Unstoppable TogETHER, our motto, underlines our interest to partner up with other companies and communities rather than trying to centralize everything,” added Ardoino.
You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/tether-breaks-total-assets-record-high-with-134-4b-in-q3-2024/"> Tether breaks total assets record high with $134.4b in Q3 2024 </a>
In a past interview with <a href="https://www.bloomberg.com/news/newsletters/2024-08-22/why-tether-doesn-t-want-its-own-blockchain?srnd=phx-crypto" target="_blank" rel="noopener noreferrer nofollow">Bloomberg</a> in August 2024, Ardoino said that the blockchain marketplace was already very saturated. He also predicted blockchains will become more of a “commodity” in the future.
“Launching a blockchain ourselves might be not the right move. There are very good blockchains,” said Ardoino.
At the time of writing, Ethereum, TRON and Solana are the three leading blockchains based on total value locked, according to data from <a href="https://defillama.com/chains" target="_blank" rel="noopener noreferrer nofollow">DeFi Llama</a>. <a rel="noopener noreferrer nofollow" href="https://crypto.news/tag/ethereum/">Ethereum</a> is in first place with a $47.55 billion TVL and 381,444 active addresses. Meanwhile, <a rel="noopener noreferrer nofollow" href="https://crypto.news/tag/tron/">TRON</a> is in second place with $6.81 billion TVL and 1.71 million active addresses. In third place is <a rel="noopener noreferrer nofollow" href="https://crypto.news/tag/solana/">Solana</a> with $5.92 billion TVL and 4.28 million active addresses.
On Nov. 1, Tether reported its <a rel="noopener noreferrer nofollow" href="https://crypto.news/tether-breaks-total-assets-record-high-with-134-4b-in-q3-2024/">Q3 2024 earnings</a> which consisted of many record breaking highs, including equity of $14.2 billion and total assets on a consolidated basis of $134.4 billion. Tether’s Q3 report also showed an increasing demand for USDT stablecoins, as circulation grew to nearly 30% in 2024. Tether also issued an additional $27.8 billion worth of tokens this year.
You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/tether-ceo-denies-reports-as-us-probes-and-weighs-sanctions/"> Tether CEO denies reports as US probes and weighs sanctions </a>

Tether CEO denies rumors of Tether building a blockchain

crypto.news

Other articles published on Nov 4, 2024

Top Analyst Links Bitcoin (BTC) Price Decline to Possible Kamala Harris Election Victory, Predict...

Oxfam Reports Missing Climate Funds from the World Bank

TON Accelerator unveils $5m program to drive cross-chain product growth

Crypto In Danger This Week: What Experts Fear

Why DOGEN leads, beating 2024 predictions for DOGE and SHIB

Predicting Bitcoin’s Record High: Key Metrics to Watch!

Join our free newsletter for daily crypto updates!