Tether Cancels Plans to Launch Its Own Blockchain

Bittime - Tether, the company that issued the USDT stablecoin, decided to halt plans to launch their own blockchain. Why? Read this article to find out more!

The Blockchain Market is Saturated

Ardoino revealed that despite having a market value of $117 billion, Tether decided not to launch its own blockchain because the market was already saturated with various blockchain options. 

According to him, blockchain has the potential to become a commodity in the future, so too many choices will actually reduce the unique value of each blockchain. This decision is in line with Tether's approach of preferring to remain "agnostic" towards blockchain. 

This means that Tether doesn't care which blockchain USDT is traded on, as long as that blockchain can guarantee a high level of security and sustainability. Ardoino stressed that for Tether, blockchain is just a transportation layer, not something they should own exclusively.

Read Also: Tether to Launch USDT on Aptos Blockchain 

Blockchain Dominance Statistics

Tether's decision is also supported by data showing the dominance of several large blockchains in the market. 

According to data from DefiLlama, of the total 306 blockchains in existence, the top 5 blockchains account for around 86% of TVL. For example, Ethereum leads with a TVL of around $87.7 billion, which accounts for the majority of the $133.2 billion TVL across blockchains.

This dominance shows that the blockchain market is indeed highly competitive, and launching a new blockchain will face huge challenges to attract user attention and adoption. 

Tether realized this and chose not to compete in an already crowded market, instead focusing on improving services on existing blockchains.

Tether Agnostic Approach

One of the main points to emphasize Ardoino is Tether's agnostic approach to blockchain. That way, Tether is not tied to one particular blockchain, but supports USDT on various existing blockchains. 

This gives Tether the flexibility to continue to grow and adapt to changes in the industry, without being limited to a specific technology infrastructure.

This decision also allows Tether to remain focused on their core business, namely providing safe and reliable stablecoins to users around the world. 

By not being tied to one particular blockchain, Tether can ensure that USDT remains accessible and tradeable across multiple blockchain ecosystems, be it Ethereum, Binance Smart Chain, Tron, or other blockchains.

Read Also: Tether Launches USDT on TON Blockchain on Simplex Payment Gateway

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