Tether CEO Paolo Ardoino has put an end to speculation about the launch of a Tether Chain, stating that the company is not currently planning to build an official blockchain. Ardoino made this announcement on X, emphasizing that Tether’s focus is on working with different independent Layer 2 solutions to support USDt for gas fees.
In a follow-up tweet, Ardoino highlighted the importance of neutrality in Tether’s decision-making process. He emphasized that Tether’s motto, “Unstoppable TogETHER,” underscores the company’s commitment to partnering with other businesses and communities rather than centralizing everything.
When asked about the possibility of launching a chain in the medium to long term, Ardoino responded that while it is unlikely, Tether is not ruling out any possibilities.
On the financial front, Tether recently reported another impressive quarter in Q3 2024, with a record-breaking $7.7 billion in profit over nine months. The stablecoin issuer’s reserves now hold over $105 billion in cash and cash equivalents, with $102.5 billion in direct and indirect exposure to US treasuries. Tether’s financial strength has positioned it among the top 18 countries if classified as such, surpassing the likes of Germany, Australia, and the UAE.
Ardoino expressed confidence in Tether’s outlook for Q4 2024, citing a positive growth trajectory with over 35 million new on-chain wallets per quarter. He emphasized the importance of Tether’s role in providing financial services to underserved populations in developing countries and emerging markets, where traditional financial inclusion efforts have fallen short.
Overall, Tether’s strategic investments and focus on stability continue to set the standard in the financial space. As Tether remains dedicated to serving the needs of the unbanked and underserved, Ardoino believes that the company’s innovative approach will drive meaningful impact in the global financial landscape.
