Tether Denies Blockchain Plans Amid $1 Billion Stablechain Funding

Tether CEO Paolo Ardoino has denied rumors that the company is building its own blockchain. In a tweet on August 15, Ardoino stated that Tether is 'NOT building any blockchain nor has plan to build one'.

The denial comes after CoinMarketCap published research that grouped Tether with Stripe and Circle as companies seeking to control their own rails for token payments. The research argued that these companies have collectively raised over $1 billion in funding for this effort.

Tether, however, has chosen not to build its own blockchain, instead relying on outside networks such as Tron and Ethereum to host its USDT stablecoin. This decision allows Tether to maintain a liquid market cap of $183 billion across dozens of venues, while also enabling the company to quickly respond to regulatory requests.