Tether Shuns Blockchain Launches, Opts for Strategic Growth

Nairobi (CoinChapter.com)—Tether shuns blockchain launches as it strategically opts not to introduce its own blockchain.

Tether, the issuer of the world’s largest stablecoin, has decided not to introduce its own blockchain. The company analyzed current market conditions and determined that launching a proprietary blockchain would not align with its long-term goals.

According to Tether’s CEO, the decision stems from concerns over market saturation and the effectiveness of existing blockchain networks. In an interview with Bloomberg News, the CEO stated that the company believes existing blockchains are sufficient to ensure USDT’s stability and security.

“We analyzed the market and realized that there are already several blockchain platforms available. We don’t think it’s necessary to launch our own,” the CEO said.

The company’s decision not to launch its blockchain is also influenced by its strategy of integrating USDT into established and scalable networks. Recently, Tether expanded USDT to the Aptos blockchain to reduce transaction fees and enhance accessibility. This approach emphasizes Tether’s focus on operational efficiency without creating new infrastructure.

However, Tether is still expanding its operations. On Aug. 19, the company integrated USDT into the Aptos blockchain, expanding its network. Aptos provides quick, low-cost transactions, which aligns with Tether’s digital currency management approach.

Moreover, Tether recently partnered with Phoenix Group and Green Acorn Investments to introduce a dirham-backed stablecoin in the United Arab Emirates. This project will create a digital representation of the dirham, backed by reserves held in the UAE, as Tether enters the local market.

Tether’s decision to forgo its blockchain reflects a focus on strategic growth. Tether is concentrating on network integration and partnerships to strengthen USDT’s position in the global digital currency framework.

The above is the detailed content of Tether Shuns Blockchain Launches, Opts for Strategic Growth. For more information, please follow other related articles on the PHP Chinese website!