Tether CEO Denies Blockchain Plans as Regulatory Concerns Mount
Tether CEO Paolo Ardoino has dismissed rumors of the company creating its own blockchain, asserting that Tether will focus on integrating its stablecoin, USDT, across various networks to support decentralized applications.
This strategy aligns with Tether’s commitment to neutrality, reflected in its motto, “Unstoppable TogETHER.”
As the largest stablecoin with a market cap over $118 billion, USDT controls about 75% of the stablecoin market, facilitating quick trades between fiat and digital currencies. Tether’s recent launch of USDT on The Open Network (TON), quickly reaching a supply of over $1 billion, has intensified speculation about a potential blockchain.
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However, Tether faces increasing regulatory scrutiny due to investigations into possible money laundering and sanctions violations, raising concerns about its reserve transparency. Critics have labeled Tether a “scam,” alleging insufficient backing for USDT, with calls for a more transparent governance structure.
In addition, Tether has been accused of using USDT to manipulate cryptocurrency prices. The company refutes these claims as “reckless and false,” asserting that USDT issuance reflects market demand and utility, not manipulation. Tether maintains that each USDT token is backed by reserves, and its growth mirrors genuine market activity rather than coordinated efforts to inflate prices.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
