Tether has been a prominent player in the wider cryptocurrency space and when writing it holds the title of highest traded cryptocurrency with a trading volume of $54.40 billion. In an X post dated November 04, 2024, the chief executive officer of Tether, Paolo Ardoino denied the rumors of launching a blockchain by Tether.
https://twitter.com/paoloardoino/status/1853154856065765793
He added, “Tether is not planning to develop its official blockchain at this time. “ However, different L2 solutions are working to support USDT for gas fees.”
In a different post on the same day, Paolo wrote the primary reason why Tether is not planning to launch its chain anytime soon because neutrality is very important. He further notes that their motto is to support other companies and communities rather than centralizing everything.
https://twitter.com/paoloardoino/status/1853157037854646643
Tether is constantly working to expand its global presence by back to back-to-back collaboration with companies. As per market experts, USDT is among the stablecoins with the highest adoption and usage worldwide.
Tether (USDT) Launching Dirham-Pegged Stablecoin Soon
Most recently, Alessandro Giori, the Senior Strategic Partnership Manager of Tether asserted in the TON Gateway event held in Dubai, that the company is planning to launch its Dirham-backed stablecoin on the TON blockchain.
Toncoin has partnered with Tether to facilitate seamless cross-border peer-to-peer payments using USDT. This collaboration has boosted Toncoin’s liquidity, driving greater adoption among users.
The announcement clearly signifies the intention of USDT to expand its dominance in the UAE (United Arab Emirates), one of the fastest-evolving cryptocurrency markets in the world. In the past few quarters, the total number of companies offering crypto-related services in the UAE especially has surged at an appreciable pace.
Tether and TON have worked on several initiatives together to foster the surging demand for decentralized currencies worldwide. Stablecoins enable users to transfer money in familiar currencies while benefiting from the advantages of blockchain, such as faster transactions and reduced costs.
Tether’s (USDT) Massive Circulating Supply Hindering its Growth!
As per data from CoinMarketCap, USDT is one of the most traded decentralized/ blockchain-based currencies and also the world’s most popular stablecoin. The maximum supply of USDT is not defined which means it is unlimited, which also puts the stablecoin into controversies.
According to available data, the circulating supply of USDT is 122.34 B USDT, the massive supply is surrounded by allegations of missing reserves equal to the number of USDT in circulation.
The majority of reports by auditing firms and individual finance experts argue that Tether is not holding a sufficient number of reserves compared to the number of USDTs issued till now.
There are also allegations that Tether auditing is not done by any third party or external entity which has raised severe allegations about its USD reserve, which it claims to have.
