Tether, the company behind USDT, the world’s largest stablecoin with a market cap of over $120 billion, has denied recent speculation that it is planning to create its own blockchain network. Tether CEO Paolo Ardoino stated that the company does not intend to build an official blockchain at this time.
Instead, Tether is focused on supporting the integration of USDT across existing networks, such as Ethereum, Solana, TON, Apartments, and Algorand. Ardoino explained that Tether values neutrality and prefers not to centralize its operations through a proprietary blockchain. He also emphasized the company’s interest in partnerships with other companies and communities, aligning with its mission of “Unstoppable TogETHER.” Although Ardoino did not rule out the possibility of launching a blockchain in the future, he stated that his recent statement was an attempt to “not exclude any possibility.”
Tether’s stance contrasts with a recent trend in the industry, where more firms are developing their own blockchain networks.
Centralized exchanges like Coinbase and Kraken have entered the space with their Ethereum layer-2 networks, Base and Ink respectively. Similarly, the DeFi platform Uniswap introduced its scaling solution, Unichain, and the identity-focused crypto project World launched World Chain. However, critics like Sonic Labs co-founder Other Cronje have warned against the rush to build new networks, pointing to challenges such as high infrastructure costs, fragmented liquidity, and limited developer support that may inhibit the widespread adoption of these proprietary networks.
