TechFlow news, on August 23, according to Bloomberg, Tether Holdings, the issuer of the stablecoin USDT, recently announced it has abandoned plans to launch its own blockchain. Tether CEO Paolo Ardoino said that although Tether is technologically strong, blockchains may eventually become commoditized and the market is already saturated, making launching a proprietary blockchain unwise.
Despite Tether's USDT having a market capitalization of $117 billion, Ardoino stated the company prefers to maintain a blockchain-agnostic stance, emphasizing it does not matter which blockchains USDT operates on as long as the highest levels of security and sustainability are ensured. He stressed that, for Tether, blockchains are merely transmission layers.
According to DefiLlama data, among 306 blockchains, the top five account for approximately 86% of the total value locked (TVL). Ethereum leads by far with around $87.7 billion in TVL, representing the majority of the entire ecosystem's $133.2 billion TVL.
