- Paolo Ardoino said that it’s not launching a Tether chain at the moment because “neutrality is very important”
- Tether’s focus right now is partnering with businesses and communities rather than “trying to centralize everything”
- Tether had another record-breaking quarter, resulting in $7.7 billion in profit over nine months
The CEO of Tether has ended rumors about a Tether Chain, stating that it’s “not planning to build an official blockchain at this time.”
Paolo Ardoino took to X to post his message, adding that “different independent L2 solutions are working to support $USDt for gas fees.”
In a follow-up tweet, Ardoino explained that one of the main reasons that Tether won’t launch a chain anytime soon is because “neutrality is very important.”
One of the main reasons for which Tether won’t launch a chain anytime soon is that neutrality is very important.
Unstoppable TogETHER, our motto, underlines our interest to partner up with other companies and communities rather than trying to centralize everything. https://t.co/NS27QOY5Wr
— Paolo Ardoino 🤖🍐 (@paoloardoino) November 3, 2024
According to Ardoino, the company’s interest lies in teaming up with businesses and communities rather than “trying to centralize everything.” When asked if Tether is planning to launch a chain in the medium-long term future, Ardoino responded with “don’t think we will, but still it’s fair to not exclude any possibility.”
Another impressive quarter
At the end of October, Tether published its Attestation Report for Q3 2024. Reporting a “strong performance,” the stablecoin issuer noted that the latest quarter marked another “record-breaking milestone for Tether” resulting in $7.7 billion in profit over nine months.
Additionally, Tether’s stablecoin issuing companies managing reserves now hold more than $105 billion in cash and cash equivalents, with $102.5 billion in direct and indirect exposures to US treasuries. According to Tether, if it was classified as a country, it would be among the top 18, above Germany, Australia, and the UAE.
Speaking on this, Ardoino said:
“Reaching the $120 billion USD₮ milestone and reporting $102.5 billion in U.S. Treasury exposure highlights the company’s unparalleled financial strength. By increasing our reserve buffer to over $6 billion and maintaining a focus on strategic investments, Tether is once again setting the standard for stability in the financial space.”
Turning Tether’s attention to Q4 2024, Ardoino said the outlook is “very positive” with the growth of on-chain wallets per quarter rising to more than 35 million new addresses. For Ardoino, this is significant as the use of Tether is predominantly used in developing countries and emerging markets.
Ardoino claims that while the Western world has talked about boosting financial inclusion in the 21st century, little has been achieved, in what’s called “Financial Inclusion washing.”
With Tether, Ardoino said, they have created a product “that truly serves the underserved, the last mile, the normal people, the ones that don’t have access to the tens of different payment options that richer countries have to offer…”
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