Key Takeaways
Tether CEO Paolo Ardonio has squashed potential rumors that the stablecoin issuer is launching an official blockchain.
The comments follow the CEO’s previous comments that launching a blockchain was not the right move for the company, despite claiming they will become commodities in the future.
Ardoino posted on X on Sunday, Nov. 3, that Tether, the issuer of the world’s biggest stablecoin USDT, was “not planning to build an official blockchain at this time.”
Following up on Sunday’s comments, Ardoino claimed one of the main reasons behind Tether’s reluctance to build blockchain is that “neutrality is very important.”
“Unstoppable TogETHER, our motto, underlines our interest to partner up with other companies and communities rather than trying to centralize everything,” Ardonio wrote, noting that Tether will not be building a blockchain “at this time.”
The CEO reiterated that his company is supporting the integration of its stablecoins to support a variety of other Layer 2 solutions, such as for gas fees.
In an interview with Bloomberg in August, Ardonio noted that while there were some “very good blockchains,” launching one for Tether may not be the “the right move.”
“We are very good in technology, but I think blockchains will become almost a commodity in the future,” Ardoino added.
According to DefiLlama’s data, out of 306 chains globally, the top 5 control around 86% of the total value of assets locked.
This heavily saturated market is one of the main reasons Tether is staying agnostic when it comes to blockchains.
“For us, blockchains are just transport layers,” Ardoino added.
At the beginning of November, the Tether CEO announced the company would be launching two new unnamed products.
Just two days later, Ardoino said the launch of the products had been pushed back by seven days in light of the election.
“Any product/announcement done this coming week would end up likely obliterated by the election noise,” Ardoino said. “Gotta push back new product release by 7 days.”