Tether Refutes Claims of $1 Billion Blockchain Ambitions

Tether CEO Paolo Ardoino has denied rumors that the company is building its own blockchain for USDT, calling them 'misleading.'

Ardoino made the statement in response to research from CoinMarketCap, which grouped Tether with other companies like Stripe and Circle in a stablecoin-focused payment network push worth over $1 billion.

Tether continues to prioritize distributing USDT across third-party networks rather than controlling its own rails. The company has backed two separate blockchain projects, Plasma and Stable, but Ardoino emphasized that these investments do not signal a proprietary blockchain strategy.

The move is significant given the potential for Tether to capture $2.9 billion in annual fees from outside blockchains. However, by maintaining its current approach, Tether preserves liquidity for its stablecoin with a market capitalization of near $183 billion and maintains flexibility to respond across networks.