Coinspeaker
Tether Holds Back Blockchain Plans, Citing Market Saturation
Tether, the world’s largest stablecoin issuer and owner of USDT, has decided against launching its own native blockchain due to concerns over a crowded market.
In an interview with Bloomberg, the company’s CEO, Paolo Ardoino, explained that while the firm is fully capable of developing its own public ledger, it has chosen not to do so, given the current oversaturation of the market. He stated that pursuing such a venture would not be a smart business decision at this time.
“We are very good at technology, but I believe blockchains will soon become a commodity. Launching a blockchain ourselves might not be the right move,” Ardoino told Bloomberg. He added that “there are already very good blockchains out there.”
A Saturated Market
Since Bitcoin’s launch in 2009, the crypto industry has seen an explosion of blockchain projects amounting to around 306 networks in total, with each aiming to
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