{"id":16352,"date":"2024-08-23T15:38:21","date_gmt":"2024-08-23T12:38:21","guid":{"rendered":"https:\/\/forklog.com\/en\/tether-abandons-plans-for-proprietary-blockchain-amid-market-saturation\/"},"modified":"2024-08-23T15:38:21","modified_gmt":"2024-08-23T12:38:21","slug":"tether-abandons-plans-for-proprietary-blockchain-amid-market-saturation","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/tether-abandons-plans-for-proprietary-blockchain-amid-market-saturation\/","title":{"rendered":"Tether Abandons Plans for Proprietary Blockchain Amid Market Saturation"},"content":{"rendered":"<p>Tether Holdings, the issuer of USDT, considered launching its own blockchain but ultimately abandoned the idea due to market saturation, according to <a href=\"https:\/\/www.bloomberg.com\/news\/newsletters\/2024-08-22\/why-tether-doesn-t-want-its-own-blockchain\">Bloomberg<\/a>.<\/p>\n<p>The company&#8217;s CEO, Paolo Ardoino, stated that the decision was influenced by the basic economic principle of supply and demand equilibrium.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;We are very knowledgeable about technology. In the future, blockchain will become almost a commodity. Launching our own might not be the right move. There are very good solutions out there,&#8221;<\/em> he commented.<\/p>\n<\/blockquote>\n<p>The agency noted that for Tether, which controls USDT with a capitalization of $117 billion, such a task would have been feasible, given the stablecoin&#8217;s widespread use for trading and money transfers.<\/p>\n<p>According to <a href=\"https:\/\/defillama.com\/\">Defi Llama<\/a>, out of 306 blockchains, the five largest control about 86% of the total value locked (TVL).<\/p>\n<p>In absolute terms, Ethereum accounts for approximately $87.7 billion out of $132.2 billion. TRON, with a TVL of $8.1 billion, processes 49% of the USDT supply.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/1-1168.webp\" alt=\"1-1168\" class=\"wp-image-239539\"\/><figcaption class=\"wp-element-caption\">Data: DeFi Llama, Bloomberg.<\/figcaption><\/figure>\n<p>High speed, low fees, use cases, and robust security are key components of blockchain success, according to Tether.<\/p>\n<p>Ardoino expressed his satisfaction with remaining &#8220;blockchain agnostic&#8221; regarding where the company&#8217;s curated coin is traded. This remains relevant as long as the asset maintains the highest level of security and resilience, he added.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;For us, blockchain is just a transport layer,&#8221;<\/em> the top executive noted.<\/p>\n<\/blockquote>\n<p>In April, Tether <a href=\"https:\/\/forklog.com\/en\/news\/tether-expands-usdt-support-to-ton-network\">added support<\/a> for USDT on The Open Network blockchain, and in August, announced the token&#8217;s release on the Aptos network.<\/p>\n<p>In June, the firm decided to cease issuing the stablecoin on the EOS and Algorand networks.<\/p>\n<p>Back in June, Tether launched its first &#8220;tethered asset&#8221; backed by gold.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tether Holdings, the issuer of USDT, considered launching its own blockchain but ultimately abandoned the idea due to market saturation, according to Bloomberg. The company&#8217;s CEO, Paolo Ardoino, stated that the decision was influenced by the basic economic principle of supply and demand equilibrium. &#8220;We are very knowledgeable about technology. In the future, blockchain will [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":16351,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[807,1245],"class_list":["post-16352","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-stablecoins","tag-tether-usdt"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/16352","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=16352"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/16352\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/16351"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=16352"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=16352"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=16352"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}