According to Bloomberg, Tether Holdings, the issuer of the stablecoin USDT, had planned to deploy its own blockchain network, but later abandoned the plan. Paolo Ardoino, CEO of Tether, said in an interview with Bloomberg News that blockchain will become a commodity in the future, and from the current supply and demand point of view, the market is too saturated, and launching a blockchain now may not be a wise move. Because there are already many excellent blockchain networks on the market.
Citing data from DefiLlama, Bloomberg noted that among 306 blockchains, the top five control approximately 86% of the total value locked (TVL). Among them, Ethereum leads the market with a TVL of approximately $87.7 billion, accounting for 65.8% of the total TVL (approximately $133.2 billion). Justin Sun’s TRON blockchain has $8.1 billion in TVL and handles 49% of the USDT supply.
Paolo Ardoino said Tether is happy to maintain blockchain "neutrality" for its stablecoin transactions, as long as the network has the highest level of security and sustainability. Paolo Ardoino said:
"For us, blockchain is just the transport layer."
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