Tether's CEO dismissed claims that the firm is building its 'Tether chain,' stating that it doesn't want to 'centralize everything.'...
Tether CEO Paolo Ardoino is in the news today after he denied claims that the stablecoin issuer is building an official blockchain “Tether chain.”that the firm is supporting some L2s opting for USDT as gas fee payments.
Ethereum L2s like Polygon have already adopted USDT for gas fee payments. However, Tether’s moat has gone beyond just the Ethereum chain.Tether’s USDT has been the dominant player in the stablecoin market for a long time now. Its market cap recently hit $120 billion, surpassing last cycle’s high of $83 billion. Most market trading pairs on centralized exchanges are based on USDT, which is partly driving Tether’s dominance in the sector.
To this end, Tron has emerged as a top chain for low-cost USDT transfers , surpassing Ethereum. However, other low-cost alternative chains are also emerging to drive cheaper USDT transfers. The Telegram-linkedThe firm’s current position has made it a target of critics and regulators. In fact, Ardoino recentlyanother FUD, one which claimed that the firm is now under investigation for illegal activities.
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