Tether Explores USDT Gas Payment Mechanism

Various Layer 2 solutions are working to support USDT for gas payments, according to Paolo Ardoino, CEO of the stablecoin issuer Tether.

I hear again few rumors about a Tether Chain.
Tether is not planning to build an official blockchain at this time.
Simply different independent L2 solutions are working to support $USDt for gas fees.

— Paolo Ardoino ?? (@paoloardoino) November 3, 2024

The executive addressed circulating rumors about the company launching its own blockchain, dismissing such a scenario.

“One of the main reasons Tether will not launch a network in the near future is that neutrality is extremely important. Our motto Unstoppable TogETHER highlights our interest in partnering with other companies and communities, rather than attempting to centralize everything,” Ardoino explained.

The Tether CEO promised an expansion of the product line. He postponed the new release “by seven days” due to “pre-election noise.”

In June, the executive announced plans to allocate over $1 billion for distribution among startups from “hundreds of venture proposals.”

In the same month, the company launched the first of its “tethered assets” backed by gold.

Back in July, Ardoino acknowledged that Tether had considered creating its own blockchain but later abandoned the idea due to market saturation.