Tether CEO Paolo Ardoino has dismissed recent speculation about the company’s plans to launch a proprietary blockchain network.
In a Nov. 3 post on X, Ardoino clarified that Tether does not intend to create its blockchain. He emphasized the company’s position by writing:
“Tether is not planning to build an official blockchain at this time.”
Tether, the issuer of USDT—the world’s largest stablecoin with a market cap of over $120 billion—operates across over ten blockchain networks. These include Ethereum, Solana, TON, Aptos, and Algorand.
Why Tether is not launching a blockchain network
Ardoino explained that Tether values “neutrality” and prefers not to centralize its operations through a proprietary blockchain. Instead, the company is focused on supporting USDT integration across existing networks, including support for gas fees.
Ardoino furthered Tether’s primary interest in partnerships with other companies and communities. He emphasized that the company’s mission is “Unstoppable TogETHER,” aligning with a collaborative approach rather than attempting to consolidate control under its chain.
Meanwhile, Ardoino didn’t rule out the possibility of launching a blockchain in the distant future. However, he noted that his statement was an attempt to “not exclude any possibility.”
Blockchain networks
Tether’s stance contrasts with a recent trend in the industry, where more firms are developing their own blockchain networks.
Centralized exchanges like Coinbase and Kraken have entered the space with their Ethereum layer-2 networks, Base and Ink, respectively. Similarly, the DeFi platform Uniswap introduced its scaling solution, Unichain, and the identity-focused crypto project World launched World Chain.
At the same time, other DeFi players like Aave are exploring network development tailored to their user communities.
However, critics like Sonic Labs co-founder Andre Cronje caution against the rush to build new networks. He highlights challenges such as high infrastructure costs, fragmented liquidity, and limited developer support, suggesting these factors may inhibit the widespread adoption of these proprietary networks.