Tether CEO Paolo Ardoino: No Blockchain Development or Plans
Tether CEO Paolo Ardoino clearly stated that Tether has not built any blockchain and has no plans to do so, as the company will continue to remain neutral and support multiple layers for its stablecoin.
This statement responds to an analysis released by CoinMarketCap the previous day, which compared Tether with Stripe and Circle, claiming its involvement in raising over $1 billion to create a "stable chain" specifically for digital dollar transfers.
Ardoino emphasized that Tether is different from investing in or supporting external projects, as the company itself does not operate a proprietary blockchain, and USDT primarily circulates on external networks such as Tron and Ethereum.
Tether's multi-chain strategy results in its users paying approximately $2.9 billion annually to external chains, while maintaining support for various networks instead of locking into a single infrastructure.
The company has previously clarified similar rumors multiple times, continuously emphasizing its position as a stablecoin issuer rather than a blockchain builder.
From a market mechanism perspective, stablecoin issuers expand coverage and reduce single network risks through multi-chain deployment, directing funds towards existing high-performance public chains rather than new proprietary chains. The event-driven market distinguishes between "support" and "self-built," putting pressure on the proprietary stable chain concept while benefiting the multi-chain neutral model.
Supplementary data shows that most of the USDT supply is still concentrated on Tron and Ethereum.
Source: Public Information
ABAB AI Insight
As Tether CEO, Paolo Ardoino has long led the company's technology and market strategy, previously denying rumors of building a chain and promoting USDT's deployment across multiple public chains. Historical actions show his priority is to expand stablecoin circulation rather than control underlying infrastructure.
On the capital path, Tether focuses resources on reserve management, increasing gold holdings, and multi-chain support, motivated to maintain its leading stablecoin position and avoid the regulatory and technical burdens of operating a public chain. Strategically, it aims to indirectly influence the ecosystem through investments or partnerships with external projects without direct ownership.
Similar cases can be seen in Circle's and USDC's multi-chain strategy, as well as Stripe's related payment infrastructure layout. The current stablecoin industry is transitioning from a single dominant chain to a phase of multi-chain competition and exploration of dedicated stable chains.
Structural judgment belongs to technological substitution: dedicated stable chains attempt to capture dollar transfer traffic efficiently with low fees, challenging the existing public chain's fee income. However, Tether's choice to remain neutral forces the market to continue relying on mature networks, keeping pricing power in the hands of existing public chains and stablecoin issuers.
ABAB News · Cognitive Law
- Neutrality can scale better than self-building.
- Support does not equal owning infrastructure.
- Outflow of fees leads to broader coverage.