Tether CEO: Give up launching its own blockchain, the market is saturated

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Cointime2024/08/23 10:12

By:Cointime

According to Bloomberg, Tether Holdings, the issuer of stablecoin USDT, recently announced that it has abandoned plans to launch its own blockchain. Tether CEO Paolo Ardoino stated that while Tether is strong in technology, blockchain may become a commodity in the future and the market is already saturated, making it unwise to launch its own blockchain. Despite Tether's USDT having a market value of $117 billion, Ardoino stated that the company prefers to maintain a "agnostic" stance on blockchain and is willing to trade USDT on any blockchain as long as it can ensure the highest level of security and sustainability. He emphasized that for Tether, blockchain is only a transmission layer. According to DefiLlama data, the top five chains out of 306 chains account for about 86% of the total locked value (TVL). Among them, Ethereum leads by far with a TVL of about $87.7 billion, accounting for most of the total TVL of $133.2 billion across all chains. It is worth noting that although TRON's TVL is only $8.1 billion, it handles 49% of USDT's supply.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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