The post Why Tether’s Dropping Its Blockchain Dream and Focusing on USDT appeared first on Coinpedia Fintech News
Earlier, there were reports that Tether was planning to launch a blockchain. Those reports were received well by the crypto community. Some even termed the plan as revolutionary. But, a recent statement made by Tether CEO indicated that the organisation now has a different thought. What’s It? Read on!
Tether’s CEO about the Blockchain Plan: The Latest Update
As per a latest statement released by Tether CEO Paolo Ardionio, Tether decided to abandon its plan to launch a new blockchain. There are clear indications in the statement that Tether considers the sector of blockchains as a saturated market and it sees less scope for a new blockchain in the market.
Blockchain Landscape: An Detailed Overview
Ethereum, TRON, Solana, BNB Smart Chain and Arbitrum One are the top five blockchains in the market as per Total Volume Locked and Market Dominance.
Blockchain | TVL | Dominance |
Ethereum | $50,241,255,486 | 60.17% |
TRON | $8,314,424,061 | 9.96% |
Solana | $5,012,599,349 | 6.00% |
BNB Smart Chain | $4,498,485,005 | 5.39% |
Arbitrum One | $2,776,928,251 | 3.33% |
Together these five blockchains control nearly 84.85% of the total market. Of these five, Ethereum marks the highest dominance of 60.17% – which is massive in nature compared to others. None of the other four have a dominance per cent above the market of 10%. TRON has a dominance of 9.96% only. Solana, BNB Smart Chain and Arbitrum One have 6.00%, 5.39% and 3.33% respectively.
In conclusion, it can be said that Tether is more focused on ensuring the security and sustainability of USDT. It does not care much about which blockchain it operates on.
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