Tether Denies Plans for Proprietary Blockchain Amid Stablecoin Industry Growth
Tether, the issuer of USDT, has denied plans to build its own blockchain. In a statement, Paolo Ardoino, Tether's CEO, said that the company has no intention of creating a proprietary network.
The news comes as stablecoin issuers are increasingly looking at ways to improve transaction speed and control infrastructure. Some have speculated that building a blockchain could give an issuer greater technical control, but it also introduces significant risks, including attracting users and liquidity, ensuring security, and navigating regulatory scrutiny.
Tether's existing multi-chain strategy allows the stablecoin to be available across multiple blockchain networks, giving users flexibility in choosing which network to use. This approach has helped Tether maintain its position as the dominant stablecoin issuer.