Tether CEO Paolo Ardoino has denied that the company is building a blockchain or has any plans to launch one, pushing back on CoinMarketCap research that grouped Tether with Stripe and Circle in a $1 billion race to build so-called stablechains — networks designed to move stablecoins cheaply. The research argued that all three want to own the rails their tokens ride on, and have raised over $1 billion toward that goal. Ardoino says Tether remains agnostic, supporting many transport layers for its USDT.
Why the research drew a line
CoinMarketCap's analysis highlighted Stripe's Tempo, a payments chain already handling stablecoin payments for DoorDash couriers, and Circle's Arc, a network aimed at institutional settlement. Tether, by contrast, has backed two separate stablecoin chains — Plasma and Stable. Stable targets institutions and uses USDT for fees, while Plasma courts retail and raised roughly $373 million in a token sale. But Ardoino's response makes clear that backing projects is not the same as owning a network.
The toll road trade-off
Tether's agnostic route gives up toll revenue. USDT holders pay an estimated $2.9 billion a year in fees to outside chains, mainly Tron and Ethereum, according to the research. Tether doesn't control those networks. What it keeps is distribution — its strongest asset. The $183 billion USDT market cap stays liquid across dozens of venues, and the company can move quickly on regulation, like freezing USDT on Tron alongside OFAC. That flexibility is harder to pull off when you own the rails.
Pressure from Circle and Europe
The competitive picture isn't static. Circle is winning national markets with USDC, and Europe squeezed USDT out after Revolut delisted the token under MiCA. Those pressures make Tether's agnostic stance a deliberate choice, not an oversight. Ardoino's denial lands as Tether works to shore up credibility with regulators and auditors.
A clean audit this month
Tether landed its first clean KPMG audit this month, a step that could ease some of the scrutiny that has followed the stablecoin issuer for years. Whether that changes the stablechain conversation remains an open question — but for now, Tether is sticking with the networks it doesn't own.
