🚨 Tether Abandons Plans to Launch Own Blockchain
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Tether, the world's largest stablecoin provider with a market cap of over $100 billion, has recently abandoned plans to launch its own blockchain network.
Tether CEO Paolo Ardoino called it "not the right move." In an interview, Ardoino said that there are already many good blockchains, suggesting that the market may be saturated.
Instead of launching its own blockchain, Tether, the largest stablecoin by market cap, appears to be focused on expanding USDT. Tether's supply has increased by 14% since March.
As of press time, according to current data on CoinMarketCap, Tether has a market capitalization of $117.7 billion. It has a circulating supply of 117.6 USDT. Meanwhile, in a week, Tether has minted more than 3 billion USDT. Lookonchain also reported that 3.22 billion USDT was transferred from Tether Treasury to exchanges after August 5.
