Tether Backs Two Rival Blockchains to Cut $2.9B in Annual Fees

Tether, the largest stablecoin issuer, has announced its support for two competing USDT blockchains in an effort to cut the $2.9 billion annual fees it pays to rival chains like Tron.

The new blockchains are Plasma and Stable, which aim to reduce Tether's reliance on Tron, which currently holds 45% of USDT and dominates remittance flows.

Tether hopes that by supporting these competing chains, it can reclaim some of the fees it pays to Tron, Ethereum, and other blockchains. The dual-chain strategy is expected to improve user experience and diversify Tether's approach to capturing fee revenue.