Tether Denies Reports It Is Developing Its Own Blockchain
- has denied recent reports that the company behind the world’s largest stablecoin, USDT, is developing its own blockchain.
- The digital asset issuer has seen significant growth since its launch in 2014, operating as a dominant force in the global stablecoin market.
- In Washington, Tether has moved to expand its policy footprint following the July 18 enactment of the Guiding and Establishing National Innovation for U.S.
Tether Pushes Back Against Proprietary Blockchain Rumors
Tether Holdings Ltd. has denied recent reports that the company behind the world’s largest stablecoin, USDT, is developing its own blockchain. The clarification comes as the firm navigates a shifting regulatory environment in the United States following the passage of new federal legislation.
Massive Second-Quarter Profits Underscore Market Dominance
The digital asset issuer has seen significant growth since its launch in 2014, operating as a dominant force in the global stablecoin market. Tether reported a profit of $4.9 billion in the second quarter of 2025, according to Forbes, underscoring its financial standing as one of the most profitable firms in global finance. The firm’s USDT stablecoin remains the largest of its kind.
Washington Expansion Follows Enactment of the GENIUS Act
In Washington, Tether has moved to expand its policy footprint following the July 18 enactment of the Guiding and Establishing National Innovation for U.S. Stablecoins Act, commonly known as the GENIUS Act. President Donald Trump signed the bipartisan legislation to establish a federal framework for payment stablecoin issuers. To help guide its strategy under the new rules, Tether announced the hiring of Bo Hines, the former executive director of the White House presidential council on digital assets, as a strategic adviser for U.S. policy.
Leadership Cites Bipartisan Success and Treasury Purchases
Discussing the appointment and the company’s U.S. strategy in an August 25 interview reported by Forbes, Tether CEO Paolo Ardoino noted that Hines played a key role in advancing the GENIUS Act through Congress under the direction of White House “Crypto and AI Czar” David Sacks.
Ardoino stated that the decision to bring Hines on board reflects respect for his bipartisan legislative work.
Hines, for his part, emphasized Tether’s role as a major purchaser of U.S. Treasury debt, describing the firm as a crucial public-private partner that helps the U.S. maintain economic control.
Targeting Underserved Markets and Remittance Use Cases
Ardoino also outlined Tether’s broader strategic focus in the U.S. market under the new regulatory standards.
According to Ardoino, the company has invested nearly $5 billion in the United States and intends to pursue underserved markets and remittance use cases rather than competing directly with rivals like Circle for already-banked, affluent customers.