Tether CEO Paolo Ardionio Decided to Abandon Its Plan to Launch a New Blockchain

Earlier, there were reports that Tether was planning to launch a blockchain. Those reports were received well by the crypto community. Some even termed the plan as revolutionary.

Cryptocurrency issuer Tether has abandoned plans to launch its own blockchain, according to a statement from the company.

The move comes after months of speculation that Tether was preparing to launch a blockchain, with some reports even suggesting that the project was already in advanced stages of development.

However, Tether CEO Paolo Ardionio said in a statement that the company has decided to scrap the plan.

“We've decided to abandon our plan to launch a new blockchain,” Ardionio said. “We believe that the blockchain sector is a saturated market and we see less scope for a new blockchain in the market.”

The statement comes amid a broader downturn in the cryptocurrency market, with prices for major coins like Bitcoin and Ethereum falling sharply in recent months.

However, Tether's stablecoin USDT has remained largely stable, trading within a narrow range of $0.99 to $1.01 over the past several months.

Despite abandoning its blockchain plan, Tether said it remains committed to ensuring the security and sustainability of USDT.

“We will continue to work with different blockchains to ensure the highest level of security and sustainability for USDT,” Ardionio said. “We believe that this is the best way to serve our customers and the broader cryptocurrency community.”

Tether's decision to abandon its blockchain plan is likely to come as a disappointment to some crypto enthusiasts, who had hoped that the project would help to increase competition in the blockchain sector.

However, the move is also likely to be welcomed by some regulators, who have expressed concerns about the potential risks posed by stablecoins like USDT.

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