Tether Scraps Plans to Launch its Own Blockchain for USDT
The decision is driven by a saturated market and the principles of supply and demand.
Tether Holdings, the issuer of the world’s largest stablecoin USDT, has decided to scrap plans to launch its own blockchain.
The decision is driven by a saturated market and the principles of supply and demand, Paolo Ardoino, chief executive officer at Tether, said in an interview with Bloomberg News.
Ardoino explained that despite Tether’s strong technological capabilities, the market is already crowded with blockchains.
“We are very good in technology, but I think blockchains will become almost a commodity in the future,” Ardoino stated.
There Are Already Well-Established Blockchains
Ardoino further noted that launching a blockchain might not be the right move for Tether, especially when there are already several well-established and effective blockchains available.
With a market cap of $117 billion, USDT plays a crucial role in global crypto trading and remittances.
Given Tether’s vast resources, launching its own blockchain could have been a feasible endeavor.
