Tether Scraps Blockchain Plans Amid Market Saturation

Tether Holdings, the company behind the popular stablecoin USDT, has abandoned plans to launch its own blockchain. The decision comes as the market is already saturated with existing chains.

The move was confirmed by Paolo Ardoino, Tether's CEO, who stated that 'We're tech whizzes, but blockchains will be a dime a dozen soon.'

Tether cited supply and demand principles as the reason for this decision. Ardoino pointed out that several top-notch blockchains already exist, with Ethereum leading the pack at $87.7 billion in total value locked (TVL) out of $133.2 billion across all chains.