The post Why Tether’s Dropping Its Blockchain Dream and Focusing on USDT appeared first on Coinpedia Fintech News
Earlier, there were reports that Tether was planning to launch a blockchain. Those reports were received well by the crypto community. Some even termed the plan as revolutionary. But, a recent statement made by Tether CEO indicated that the organisation now has a different thought. What’s It? Read on!
Tether’s CEO about the Blockchain Plan: The Latest Update
As per a latest statement released by Tether CEO Paolo Ardionio, Tether decided to abandon its plan to launch a new blockchain. There are clear indications in the statement that Tether considers the sector of blockchains as a saturated market and it sees less scope for a new blockchain in the market.
According to Bloomberg, Tether Holdings, the issuer of the stablecoin USDT, recently said that the company has abandoned plans to launch its own blockchain. As long as the highest level of security and sustainability can be ensured, it does not mind which blockchain USDT is…
— Wu Blockchain (@WuBlockchain) August 23, 2024
Blockchain Landscape: An Detailed Overview
Ethereum, TRON, Solana, BNB Smart Chain and Arbitrum One are the top five blockchains in the market as per Total Volume Locked and Market Dominance.
Blockchain TVL Dominance Ethereum $50,241,255,486 60.17% TRON $8,314,424,061 9.96% Solana $5,012,599,349 6.00% BNB Smart Chain $4,498,485,005 5.39% Arbitrum One $2,776,928,251 3.33%
Together these five blockchains control nearly 84.85% of the total market. Of these five, Ethereum marks the highest dominance of 60.17% – which is massive in nature compared to others. None of the other four have a dominance per cent above the market of 10%. TRON has a dominance of 9.96% only. Solana, BNB Smart Chain and Arbitrum One have 6.00%, 5.39% and 3.33% respectively.
In conclusion, it can be said that Tether is more focused on ensuring the security and sustainability of USDT. It does not care much about which blockchain it operates on.
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