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FollowingTether CEO denies building blockchain, USDT will continue to rely on external networks
Tether CEO Paolo Ardoino refuted the suggestion that the company is participating in a US$1 billion stable currency chain competition and said that USDT will continue to rely on external blockchain networks to operate.
Key points:
Ardoino said that Tether is not building its own blockchain and has no plans.
CoinMarketCap previously classified Tether as Stripe and Circle in the same category, believing that they jointly promote the construction of stablecoin payment networks with a scale of more than US$1 billion.
Tether still prefers widespread distribution of USDT through third-party networks rather than mastering the underlying transmission channels.
Tether denies building a blockchain
Ardoino issued a denial statement on August 15, after CoinMarketCap released a research report listing Tether, Stripe and Circle as the main players in promoting the construction of a stablecoin payment network. The analysis said that such companies have raised more than US$1 billion in total to develop more efficient digital dollar transfer projects.
This statement attracted attention because Tether had supported Plasma and Stable, two blockchain projects focusing on stablecoin transfers. Stable targets institutional users and uses USDT to pay for network fees;Plasma focuses more on retail and raised approximately $373 million through token sales. Tether does not operate any of these networks.
Ardoino rejected suggestions that the investments suggested Tether would build its own blockchain. He wrote: "Tether is not building any blockchain and has no plans. We remain neutral and support multiple transport layers for our stablecoins."
USDT Network Policy
This policy allows USDT to be distributed across multiple networks that Tether cannot control, with wavefields and Ethereum carrying most of the token supply. CoinMarketCap estimates that USDT users pay approximately US$2.9 billion per year to external blockchains, and if Tether had its own network, these revenue would have been directly earned by it.
However, Tether seems to value distribution rather than direct control of the underlying channel to maintain liquidity in its stablecoin, which has a market value of nearly US$183 billion. This model also allows companies to respond flexibly between different networks, such as coordinating with the U.S. Office of Foreign Assets Control to freeze USDT on wavefields. This coverage remains at the core of Tether's market position.
The decision comes as Circle is expanding USDC in multiple markets and developing Arc, and Stripe is building Tempo for stablecoin payments. Tether faces separate pressure in Europe under the Crypto Asset Markets Regulation Act, including Revolut's removal of the USDT, and this month received a clean audit report from KPMG for the first time. Its recent developments suggest that its strategic focus is on supporting external networks rather than replacing them.
