Tether Shuts Down Blockchain Rumors: 'We Remain Agnostic'

Tether, issuer of the USDT stablecoin, has no plans to build its own blockchain, according to Paolo Ardoino, CEO. This move comes as CoinMarketCap grouped Tether with Stripe and Circle in a $1 billion stablechain push, sparking claims that Tether was building its own network.

Ardoino denied these claims on August 15, stating that 'Tether is NOT building any blockchain nor has plan to build one. We remain agnostic and support many transport layers for our stablecoins.'

Tether instead favors a broad distribution of USDT across third-party networks, including Tron (TRX) and Ethereum (ETH), which carry most of the token's supply. This approach preserves liquidity for the stablecoin with a market capitalization near $183 billion.

CoinMarketCap estimated that USDT users pay about $2.9 billion annually in fees to outside blockchains, revenue Tether could potentially capture with its own network.