Paolo Ardoino, CEO of Tether, has dispelled rumours about the launch of an official “Tether Chain.”
In a recent post on X, he wrote, “Tether is not currently planning to create an official blockchain.”
I hear again few rumors about a Tether Chain.
Tether is not planning to build an official blockchain at this time.
Simply different independent L2 solutions are working to support $USDt for gas fees.— Paolo Ardoino 🤖🍐 (@paoloardoino) November 3, 2024
In a follow-up post on November 4, Ardoino explained that this decision to avoid launching an official blockchain for the time being is rooted in the importance of maintaining neutrality. He noted that the firm is currently focused on multi-network integration for its stablecoin and supporting gas fees across different blockchains instead of centralizing its operations.
Ardoino emphasized that Tether’s current strategy revolves around partnerships with other companies and communities, stating that their motto is “Unstoppable TogETHER.”
These comments follow an August interview where the CEO claimed that the blockchain market is becoming saturated. In the conversation with Bloomberg, he remarked that
“blockchains will become almost a commodity in the future.”
At the time, he argued that launching a proprietary Tether blockchain may be unnecessary given the competitive landscape and high-performing existing networks.
Ardoino emphasized that successful blockchains must prioritize high speeds, low fees, and robust security, advocating for a “blockchain agnostic” approach to ensure the highest level of security and sustainability.
That same August, Ardoino announced Tether’s plans to double its workforce by mid-2025 with a focus on compliance.
Meanwhile, in his latest post, He hinted at upcoming product launches, initially expected this month, dubbing it “Tethember.” However, he later mentioned that Tether has postponed the product launch date due to the upcoming U.S. elections in November. According to him,
“Any product announcement made this week would likely be overshadowed by the election noise.”
Notably, Tether unveiled its Dirham-pegged stablecoin on the TON Blockchain during the Gateway 2024 event in Dubai on November 1. The company noted that it developed stablecoin in collaboration with Phoenix Group and Green Acorn.
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