TL;DR

Paolo Ardoino has clarified that Tether is not planning to build an official blockchain, emphasizing the importance of maintaining neutrality and supporting USDT integration across various networks.
Tether continues to expand and introduce new products, including a Dirham-pegged stablecoin on the TON blockchain while remaining blockchain-agnostic to focus on security and sustainability.
Ardoino highlighted that the blockchain market is becoming saturated, and Tether’s strategy aims to strengthen its market position by collaborating with other companies and communities.

Paolo Ardoino, CEO of Tether, has put an end to the speculation surrounding the launch of an official Tether blockchain. In a recent post on X, Ardoino stated, “Tether is not planning to build an official blockchain at this time.” This announcement comes amidst growing rumors and expectations within the crypto community about a potential “Tether Chain.”

Emphasis on Neutrality and Collaboration

Ardoino explained that the primary reason for not launching a blockchain is the importance of maintaining neutrality. “Neutrality is essential,” he emphasized. Instead of centralizing everything on a single chain, Tether has chosen to support the integration of its stablecoin, USDT, across various networks.

This approach allows Tether to collaborate with other companies and communities, rather than attempting to centralize everything under one infrastructure. “Our motto is ‘Unstoppable TogETHER,’ not trying to centralize everything,” Ardoino added.

Tether’s Expansion and New Products

Despite not launching its own blockchain, Tether continues to expand and introduce new products. On November 1, Tether announced the launch of its Dirham-pegged stablecoin on the TON blockchain, in partnership with Phoenix Group and Green Acorn.

Additionally, Ardoino mentioned that the company is preparing to release two new products this month, although these launches have been postponed due to the upcoming U.S. elections. “Any product/announcement done this coming week would end up likely obliterated by the election noise,” Ardoino noted.

Future Prospects

Ardoino also highlighted that the blockchain market is becoming increasingly saturated, and launching a new blockchain might not be the right move at this time. “Blockchains will become almost a commodity in the future,” he remarked.

Instead, Tether prefers to remain blockchain-agnostic, focusing on the highest levels of security and sustainability. This strategy allows Tether to maintain its dominance in the stablecoin market while adapting to the evolving landscape of digital assets.

Tether’s decision to forgo launching an official blockchain underscores its commitment to neutrality and collaboration within the crypto ecosystem. By integrating with various networks and maintaining a blockchain-agnostic stance, Tether aims to strengthen its market position and continue providing secure and efficient solutions for its users.

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Filed under: News - @ November 4, 2024 11:29 am