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Tether CEO denies rumors of Tether building a blockchain

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Paolo Ardoino, the chief executive officer of Tether, said Tether has no plans of building a an official blockchain ‘at this time’ after hearing rumors of Tether Chain.

In an X post on Nov. 4, Tether’s CEO, Paolo Ardoino, denied any rumors that stated Tether (USDT) had an official blockchain in the works. He explained that Tether is currently more focused on partnering with other companies and communities instead of “trying to centralize everything.”

“I hear again few rumors about a Tether Chain. Tether is not planning to build an official blockchain at this time,” said Ardoino.

He went on to state that Tether has backed the integration of various independent layer 2 networks in order to support the gas fees needed for USDT.

Ardoino also hints at a new product launch that was supposed to be scheduled around the U.S Election day, but Tether decided to push it back seven days so that the news would not be drowned out by the “election noise.”

https://twitter.com/paoloardoino/status/1853157037854646643

In a separate post, Ardoino cited the reason for Tether’s reluctance to jump into the blockchain pool. He believes establishing a Tether blockchain would enforce centralization, stating that “neutrality is very important.”

“Unstoppable TogETHER, our motto, underlines our interest to partner up with other companies and communities rather than trying to centralize everything,” added Ardoino.

In a past interview with Bloomberg in August 2024, Ardoino said that the blockchain marketplace was already very saturated. He also predicted blockchains will become more of a “commodity” in the future.

“Launching a blockchain ourselves might be not the right move. There are very good blockchains,” said Ardoino.

At the time of writing, Ethereum, TRON and Solana are the three leading blockchains based on total value locked, according to data from DeFi Llama. Ethereum is in first place with a $47.55 billion TVL and 381,444 active addresses. Meanwhile, TRON is in second place with $6.81 billion TVL and 1.71 million active addresses. In third place is Solana with $5.92 billion TVL and 4.28 million active addresses.

On Nov. 1, Tether reported its Q3 2024 earnings which consisted of many record breaking highs, including equity of $14.2 billion and total assets on a consolidated basis of $134.4 billion. Tether’s Q3 report also showed an increasing demand for USDT stablecoins, as circulation grew to nearly 30% in 2024. Tether also issued an additional $27.8 billion worth of tokens this year.





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Blockchain Association urges Trump to prioritize crypto during first 100 days

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The Blockchain Association has called on president-elect Donald Trump and Congress to prioritize five key actions during the administration’s first 100 days to establish the U.S. as a global leader in cryptocurrency innovation. 

In an open letter, the industry group outlined specific measures to address regulatory challenges and support the domestic digital asset economy.

The Blockchain Association is a U.S.-based crypto lobbying group advocating for a regulatory framework for cryptocurrencies. They emphasized lifting the bank account ban on crypto companies and appointing new leadership for the SEC, Treasury Department, and IRS. 

They also proposed creating a cryptocurrency advisory committee to work with Congress and federal regulators.

Five priorities for Trump’s first 100 days

The letter highlighted five steps aimed at fostering a supportive environment for crypto businesses and users:

  1. Creating a Crypto Regulatory Framework
    The Blockchain Association urged Congress to draft comprehensive legislation for cryptocurrency markets and stablecoins. This framework, it argued, would balance consumer protection with innovation. Stablecoins are digital currencies tied to traditional assets, such as the U.S. dollar, offering price stability for users.
  2. Ending the Debanking of Crypto Companies
    The group expressed concern over crypto businesses losing access to banking services. These companies rely on traditional banks to handle payroll, taxes, and vendor payments. Without banking access, their operations can be severely disrupted.
  3. Reforming the SEC and Repealing SAB 121
    The association called for a new SEC chair to replace what it described as a hostile regulatory approach under the current leadership. It also recommended reversing SAB 121, an accounting rule that imposes strict requirements on crypto-related businesses.
  4. Appointing New Treasury and IRS Leadership
    Tax policies for cryptocurrencies, such as the proposed Broker Rule, have been criticized for potentially stifling innovation and driving companies offshore. The letter urged the administration to appoint leaders who would support privacy and foster a fair tax environment for digital assets.
  5. Establishing a Crypto Advisory Council
    The letter proposed a council to facilitate collaboration between the industry, Congress, and federal regulators. Public-private partnerships, it said, could create rules that protect consumers while encouraging innovation.

Crypto collaboration

In their letter, the Blockchain Association emphasized its readiness to work with the administration and 100 member organizations to ensure the U.S. regains its position as a financial and technological innovation leader.

“We stand ready to work with you to ensure the United States can regain its position as the crypto capital of the world,” the Blockchain Association wrote in the letter.

This letter comes as Trump adopts a strong pro-crypto stance. Earlier in November, reports emerged that Trump plans to create a White House position solely focused on cryptocurrency and related policies.

This letter also comes a day after crypto-foe and SEC chair Gary Gensler announced his upcoming resignation. 



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Sui Network blockchain down for more than two hours

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The Sui Network is suspected to be down for more than two hours. The protocol has not produced any new transaction blocks since Nov. 21 UTC 9:15.

Sui Network blockchain down for more than two hours - 1
Data from the Sui Vision explorer shows that the protocol has not produced any new transactions since 9:15 am UTC | Source: Sui Vision

Based on the latest data from Sui Network’s explorer site Sui Vision, the decentralized layer-1 blockchain has stopped producing blocks for more than two hours.

At the time of writing, the last transaction block took place on Nov. 21 at 9:15 am UTC. Since then, no new blocks have been produced on the blockchain.

The Sui Network confirmed the outage on its official X account, stating that the blockchain is currently unable to process transactions. However, it claims that the problem has been identified and will be back to normal soon.

“We’ve identified the issue and a fix will be deployed shortly. We appreciate your patience and will continue to provide updates,” wrote the protocol on X.

Sui’s blockchain outage has seemingly impacted the SUI token price. According to data from crypto.news, the Sui token has gone down by nearly 2% in the past hour. It is currently trading hands at $3.41. In the past 24 hours, SUI has plummeted by 7.29%.

Even though, the token has gone up by nearly 75% in the past month.

SUI currently ranks in the 18th place in the lineup of cryptocurrencies, holding a market cap of $9.7 billion and a fully diluted valuation of $34 billion. The Sui token has a circulating supply of $2,8 billion tokens.

The South Korean crypto exchange, Upbit, announced it will be temporary suspending deposits and withdrawals for the Sui token due to its block generating outage.

The notice informs users that if they deposit or withdraw Sui tokens after the announcement was posted, then there is a chance that their funds cannot be recovered.

Several crypto industry figures took to X to comment on the recent Sui Network outage. Most of them teased Sui’s goal of becoming Solana’s biggest competitor. Ironically, the Solana blockchain also has a track record of outages in the past, with the latest one recorded in February this year.

“Sui [is] just repeating Solana history,” said one X user.

“Hasn’t Solana gone down multiple times?” asked another X user.

“SUI blockchain is down. And they claimed to be a Solana Killer,” wrote crypto YouTuber Ajay Kashyap on his X post.





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SBI, UBS and Chainlink complete pilot for automated tokenized fund solution

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SBI Digital Markets, UBS Asset Management, and Chainlink have successfully completed a pilot program showcasing the use of smart contracts to manage tokenized funds.

The companies announced this on Nov. 18, noting that the solution brings automated tokenized fund management to the market and leverages the Chainlink (LINK) infrastructure. With this solution, users can automate their tokenized fund management processes, unlocking blockchain capabilities for the world’s $132 trillion assets under management market.

urrently, the total real-world assets on-chain represent a market of around $13.2 billion.

Solution allows for efficient scaling of tokenized funds 

According to a press release, the tokenized fund pilot demonstrated how fund managers can leverage smart contracts and Chainlink’s Cross-Chain Interoperability Protocol to efficiently scale their products on-chain and across distributors.

Central to this initiative is the Digital Transfer Agent smart contract model, a novel fund administration system that utilizes multiple Chainlink oracle networks. SBI’s custodian and fund distributor successfully deployed this model to enable multi-chain subscriptions and redemptions.

As the tokenized funds industry evolves to attract the world’s top players, the demand for on-chain administration is increasing. Notably, a recent report revealed that 93% of fund services providers do not offer full automation for their data inputs and workflow processes. This lack of automation creates key bottlenecks for traditional fund operators.

However, smart contracts, oracle networks, and tokenized funds provide the asset management industry with a pathway to full automation.

“This new way of launching fund structures and administering them via smart contracts empowers both fund managers and their service providers to deliver new on-chain financial products and lower operational costs to investors, both things they are actively looking for,” said Winston Quek, chief executive officer at SBI Digital Markets.

The solution, currently live on various blockchain testnets, will soon go to mainnet.

SBI Digital Markets, UBS Asset Management, and Chainlink announced the solution at the Singapore Fintech Festival, launching it as part of the Monetary Authority of Singapore’s ‘Project Guardian.’

This development follows a partnership between Swift, UBS Asset Management, and Chainlink aimed at bridging tokenized assets with legacy payment systems. UBS also recently unveiled a pilot for cross-border payments called “UBS Digital Cash”.



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