**Tether Abandons Plans for an Official Blockchain, Says CEO**
Paolo Ardoino, the CEO of Tether (USDT), has dismissed speculation regarding the creation of an official Tether blockchain. In a statement on X, he clarified, “Tether is not planning to build an official blockchain at this time.”
In a subsequent post on November 4, Ardoino elaborated that the primary reason for this decision is the importance of maintaining “neutrality.” Instead of developing its own blockchain, Tether is focusing on integrating its stablecoin across various networks and is working to facilitate gas fee support.
Furthermore, Tether is currently prioritizing partnerships with other companies and communities. The CEO emphasized that the company’s guiding principle is “Unstoppable TogETHER,” highlighting their commitment to decentralization rather than centralizing operations.
On November 1, Tether announced the introduction of its Dirham-pegged stablecoin on the TON Blockchain. This new stablecoin is a collaboration with Phoenix Group and Green Acorn, as revealed during the Gateway 2024 event in Dubai. Additionally, Ardoino mentioned that the company is preparing to unveil two new products this month, coining the term “Tethember” for this initiative.
However, he later indicated that the launch of these products has been postponed due to the upcoming U.S. elections in November. “Any product announcement made this coming week would likely be overshadowed by the election noise,” Ardoino explained.
Moreover, during the Plan B forum in Lugano, Switzerland, Ardoino told Cryptonews that Tether is concentrating on preserving its dominance in the stablecoin market amidst rising competition from other issuers.
**Tether’s Decision to Refrain from Entering the Blockchain Space**
The stablecoin issuer has consistently stated that the blockchain market is becoming increasingly saturated. In an interview with Bloomberg, Ardoino remarked, “blockchains will become almost a commodity in the future.” He expressed that launching a blockchain of their own might not be the most strategic choice, acknowledging the existence of strong alternatives.
According to data from DeFiLlama, among the 322 chains, the top five account for over 75% of the total value of assets locked (TVL). Ethereum leads the market with approximately $47.64 billion in TVL, representing 55.24% of the total.
For a blockchain to thrive, several critical factors such as high transaction speeds, low fees, and robust security are essential. Ardoino stated that it is more advantageous for Tether to remain “blockchain agnostic,” provided that the highest levels of security and sustainability are achieved.
