Tether Denies Blockchain Plans Amid Audit Scrutiny

Tether has explicitly denied reports suggesting it plans to develop its own blockchain, with CEO Paolo Ardoino stating the company will remain blockchain-agnostic. This clarification came as the stablecoin issuer also addressed ongoing scrutiny following its first full financial audit, which the CEO described as a major milestone that has not silenced all critics.

On August 15, Ardoino confirmed the company's position in a post on X, rejecting comparisons to other payment firms developing their own networks. He emphasized that Tether's strategy focuses on supporting the USDT stablecoin across numerous existing external blockchains rather than creating a proprietary chain. The company has invested in independent projects like Stable and Plasma, but Ardoino described these as efforts to promote stablecoin utility, not steps toward operating its own ledger. Instead, he views external Layer 1 and Layer 2 systems as "transport layers" for USDT, allowing the token to remain widely accessible without Tether owning the underlying infrastructure.

This announcement coincides with Tether's recent financial disclosures. On July 31, the company released its second quarter 2026 attestation,...