Tether CEO Paolo Ardoino has put an finish to speculations relating to the event of a devoted blockchain for the stablecoin issuer, clarifying that the agency will not be shifting with the plan in the meanwhile.
“Tether will not be planning to construct an official blockchain at the moment,” he wrote on X. As an alternative, Ardoino stated the stablecoin issuer plans to proceed increasing the presence of its USDT stablecoin throughout a number of networks.
“Ssuggest totally different unbiased L2 options are working to assist $USDt for gasoline charges,” he added.
I hear once more few rumors a few Tether Chain.
Tether will not be planning to construct an official blockchain at the moment.
Merely totally different unbiased L2 options are working to assist $USDt for gasoline charges.— Paolo Ardoino
(@paoloardoino) November 3, 2024
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Tether’s Neutrality Is Core To Its Operational Philosophy
Ardoino claimed that Tether’s neutrality throughout the ecosystem is core to its operational philosophy, aligning with the firm’s motto, “Unstoppable TogETHER.”
The strategy promotes collaboration over consolidation, emphasizing Tether’s choice to associate with present blockchain tasks moderately than set up considered one of its personal.
The rumor of a possible Tether blockchain has been fueled by Tether’s dominance within the stablecoin market and ongoing regulatory consideration. Nevertheless, Ardoino dismissed these notions. He additional clarified that any new product bulletins from Tether could be delayed to keep away from the “election noise” overshadowing the information.
“Gotta push again new product launch by 7 days,” he stated.
USDT stays the biggest stablecoin by market capitalization. It’s pegged to the US greenback and holding over $118 billion in worth. Tether instructions round 75% of the stablecoin market, reinforcing its place as a vital gateway for fiat entry throughout the crypto panorama.
Merchants generally use USDT to seamlessly swap between digital belongings and fiat currencies on varied exchanges, enhancing liquidity throughout the crypto sector.
Current developments, such because the deployment of USDT on The Open Community (TON) the place it has reached a provide of over $1 billion, have solely heightened hypothesis about Tether’s subsequent steps.
Regulatory scrutiny, nonetheless, has stored Tether within the public eye. Investigations into potential monetary improprieties, together with alleged involvement in cash laundering and sanctions violations, have raised market issues. This has additionally intensified requires transparency.
Tether Achieves Document Earnings In Q3
In the meantime, Tether achieved record-breaking financial results within the third quarter of 2024, reporting $2.5 billion in income. This marked the very best quarterly revenue within the firm’s historical past and pushed its nine-month revenue whole to a powerful $7.7 billion.
Tether’s consolidated belongings reached $134.4 billion, with $14.2 billion in group fairness, as famous in its Q3 attestation carried out by BDO.
The Q3 attestation revealed Tether’s robust reserve place, boasting over $105 billion in money and money equivalents, with $102.5 billion in US Treasuries alone.
The substantial holding would place Tether among the many world’s high holders of U.S. Treasuries, forward of economies like Germany and Australia.
Tether has additional bolstered its reserve buffer to over $6 billion, whereas income from its gold holdings contributed roughly $1.1 billion in unrealized positive aspects.
Tether Investments, the firm’s enterprise arm, made notable strides in strategic sectors, reaching $7.7 billion in investments throughout industries like renewable power, AI, and Bitcoin mining, with an extra 7,100 BTC held.
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