Earlier this year, rumors spread that Tether was preparing to launch its own blockchain, sparking excitement in the crypto community. Some even called it a groundbreaking move. However, Tether’s CEO, Paolo Ardoino, has recently announced a change of plans.
What’s behind this shift? Let’s explore.
Tether’s New Direction: No New Blockchain
According to a recent statement from Tether CEO Paolo Ardoino, the company has decided to scrap its plan to create a new blockchain. Ardoino noted that the blockchain market is already crowded, making it less viable for a new entrant. This marks a notable change in Tether’s strategy.
Top Blockchains in the Market
Currently, five major blockchains lead the market in Total Volume Locked (TVL) and market share: Ethereum, TRON, Solana, BNB Smart Chain, and Arbitrum One.
| Blockchain | TVL | Dominance |
| Ethereum | $50,241,255,486 | 60.17% |
| TRON | $8,314,424,061 | 9.96% |
| Solana | $5,012,599,349 | 6.00% |
| BNB Smart Chain | $4,498,485,005 | 5.39% |
| Arbitrum One | $2,776,928,251 | 3.33% |
Together, these five blockchains control nearly 85% of the market. Ethereum stands out with a significant 60.17% share, while TRON, Solana, BNB Smart Chain, and Arbitrum One have much smaller shares at 9.96%, 6.00%, 5.39%, and 3.33%, respectively.
Tether’s Focus Shifts to USDT
Given the current landscape, Tether is now concentrating on the security and sustainability of its stablecoin, USDT. The company seems to be less concerned about launching a new blockchain and more focused on maintaining the stability of its existing offerings.
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Is Tether’s focus on USDT security the right move? Let us know your opinions.
