Tether Abandons Blockchain Launch Plan, Focuses on Strengthening Stablecoin Role

To strengthen the role of stablecoin use at the global level, Tether has decided to abandon its blockchain launch plan. Meanwhile, other players are confidently launching new blockchain networks.

Stablecoin giant Tether has abandoned plans to launch its own blockchain, shifting its focus instead to expanding and enhancing its existing network integrations.

A Tether spokesperson told Blockworks that the company has decided to prioritize improving its current network presence rather than launching a proprietary blockchain.

“After evaluating the options, we decided that expanding and improving our existing blockchain integrations would better serve our users and partners,” the spokesperson said.

Tether’s stablecoin USDT is already live on several major blockchains, including Ethereum, Tron and Binance Smart Chain.

The decision to scrap the blockchain launch plans comes as other players in the industry are making strong moves to launch new networks.

Recently, Sony announced the launch of a new Layer 2 blockchain network designed to support Web3 applications.

The network, which is still under development, will reportedly focus on enhancing scalability and reducing transaction costs.

This move marks Sony’s increasing involvement in crypto, blockchain technology and digital innovation.

Meanwhile, pro-Bitcoin politician Robert F. Kennedy has announced that he is dropping out of the presidential race and endorsing Republican presidential candidate Donald Trump.

Kennedy, who is the son of Robert F. Kennedy and nephew of President John F. Kennedy, announced his candidacy in February 2023.

However, he has now decided to drop out of the race and support Trump, who he believes is the best candidate to lead the country.

“I’m dropping out of the presidential race and endorsing Donald Trump. I believe he is the best candidate to lead this country,” Kennedy said in a statement.

“I’ve gotten to know Donald over the last few months, and I’ve been impressed by his commitment to making America great again. He’s a strong leader who isn’t afraid to stand up for what he believes in.”

Kennedy’s decision to endorse Trump is likely to come as a surprise to many, given his previous support for progressive candidates.

However, he has recently become more critical of the Democratic Party, which he accuses of being too focused on identity politics and not enough on the economy.

“The Democratic Party has lost its way. They’re more interested in talking about race and gender than they are about helping working families,” Kennedy said.

“I’m not a Democrat anymore, and I’m not voting for Joe Biden. I believe Donald Trump is the best candidate to lead this country.”

Kennedy’s endorsement of Trump is a major boost for the Republican candidate, who is facing an uphill battle in the polls.

Biden currently leads Trump by an average of 7.2 points in national polls, according to FiveThirtyEight.

However, Trump is still the favorite to win the Republican nomination, as he leads his nearest rival, Florida Governor Ron DeSantis, by an average of 19.8 points in the polls.

The 2024 presidential election is scheduled to take place on Tuesday, November 5, 2024.

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