The post Tether Blockchain Plan Dropped, USDT Security Prioritized appeared first on Coinpedia Fintech News
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 TVLDominance Ethereum $50,241,255,48660.17%TRON$8,314,424,0619.96%Solana $5,012,599,3496.00%BNB Smart Chain $4,498,485,0055.39%Arbitrum One $2,776,928,2513.33%
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.