🚀Tether withdraws from blockchain competition: market saturation, focus on existing technology
📢Tether Holdings, the issuer of the world's leading stablecoin USDT, recently announced that it does not plan to launch its own blockchain. CEO Paolo Ardoino said that there are enough blockchains on the market and they intend to focus on leveraging existing technology.
🌐 There are a lot of new blockchains in the world of cryptocurrency now, but many of them have no clear purpose. Ardoino believes that blockchain may be as common as commodities in the future, and it may not be wise for Tether to launch another blockchain of its own.
🔑 According to DefiLlama data, the top five chains account for 86% of the total locked value (TVL), and Ethereum (ETH) is far ahead with a share of 57%. Tether has integrated with major blockchains such as TRON, which handles 49% of the USDT supply, which shows the strength of the existing infrastructure.
🛠️ Ardoino said that Tether has developed a strategy centered on "technology neutrality", which is to ensure the security and sustainability of USDT regardless of the platform.
💡 Moreover, Tether's innovation in the stablecoin field has not stopped. They recently announced the launch of a new stablecoin pegged to the United Arab Emirates Dirham (AED), and this new token will be fully backed by the UAE's liquid reserves.
🌐 The new coin aims to provide a stable and cost-effective digital asset for international trade and remittances, reduce transaction fees, and hedge against currency fluctuations.
📈 In addition, Tether is also expanding into multiple fields such as artificial intelligence (AI), biotechnology, and telecommunications. In the first half of 2024, Tether's net profit reached $5.2 billion, which provided sufficient funds for their various plans.
👇 What do you think? Do you think the blockchain market is really saturated? Is Tether's "technology neutrality" strategy a wise move? Will Tether's innovation and expansion plans in other directions be successful?
