Tether CEO Paolo Ardoino rejected claims placing the issuer in a $1 billion stablechain race, saying USDT (USDT) will remain on outside blockchain networks.
Key Points:
- Ardoino said Tether is not building its own blockchain and has no plans to launch one.
- CoinMarketCap had grouped Tether with Stripe and Circle in a stablechain push worth more than $1 billion.
- Tether continues to favor broad USDT distribution across third-party networks instead of owning the underlying rails.
Tether Blockchain Denial
Ardoino posted the denial Aug. 15 after CoinMarketCap published research grouping Tether with Stripe and Circle in a broader push to build stablecoin-focused payment networks. The analysis said companies in that category had collectively raised more than $1 billion for projects designed to move digital dollars more efficiently.
The claim gained traction because Tether has backed Plasma and Stable, two separate blockchain projects built around stablecoin transfers. Stable targets institutional users and uses USDT for network fees, while Plasma focuses more heavily on retail activity and raised roughly $373 million in a token sale. Tether does not operate either network.
Ardoino rejected the idea that those investments signal a proprietary blockchain strategy. “Tether is NOT building any blockchain nor has plan to build one. We remain agnostic and support many transport layers for our stablecoins,” he wrote.
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USDT Network Strategy
That approach keeps USDT distributed across networks Tether does not control, with Tron (TRX) and Ethereum (ETH) carrying most of the token’s supply. CoinMarketCap estimated that USDT users pay about $2.9 billion annually in fees to outside blockchains, revenue Tether could potentially capture with its own network.
Tether instead appears to favor distribution over direct control of the underlying rails, preserving liquidity for a stablecoin with a market capitalization near $183 billion.
The model also gives the company flexibility to respond across networks, including when it froze USDT on Tron in coordination with the U.S. Office of Foreign Assets Control. That reach remains central to Tether’s market position.
The decision comes as Circle expands USDC (USDC) in several markets and develops Arc, while Stripe is building Tempo for stablecoin payments. Tether has faced separate pressure in Europe under MiCA, including Revolut’s USDT delisting, and this month received its first clean KPMG audit. Its recent moves show a strategy centered on supporting outside networks rather than replacing them.
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