Tether will not go so far as to create its own blockchain for USDT, assures Paolo Ardoino
Article excerpt
Tether CEO Paolo Ardoino has dismissed rumors placing the stablecoin issuer in a race for a "billion-dollar stablechain," explaining that USDT (USDT) will remain anchored on external blockchains. Ardoino published this denial on August 15, after CoinMarketCap released an analysis presenting Tether, Stripe, and Circle as spearheading a joint effort to build stablecoin-centric payment networks. According to this study, companies in this category have collectively raised over one billion dollars for projects aimed at streamlining "digital dollar" transfers. The thesis gained traction because Tether supports Plasma and Stable, two blockchain projects specializing in stablecoin transfers. Stable targets an institutional clientele and uses USDT as a token to settle network fees, while Plasma focuses more on the retail segment and raised approximately 373 million dollars in a token sale. Tether does not directly operate either of these two networks. Ardoino refutes the idea that these investments signal a proprietary blockchain strategy. "Tether is NOT building ANY blockchain and has no intention of building one. We remain agnostic and support many transport layers for our stablecoins," he wrote. Read also: XRP gives up more than 10% in a week despite Morgan Stanley's ETF exposure This approach keeps USDT distributed across networks that Tether does not control, with Tron (TRX) and...
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Tether is also facing pressure in Europe with the entry into force of MiCA, particularly after Revolut's withdrawal of USDT, and received its first unqualified audit signed by KPMG this month.
