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.”

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.

In today’s issue: Privado ID, BlockJoy, Superstate, Phylax Systems, Mawari Network, Coinbase, Base, Soulbound, Termina, Nitro Labs, Deep Blue, Arbitrum, Ika, Sui, OKX Ventures, TOP, Folius Ventures, TON, Telegram, Nebra, Truflation, ALEX, XLink, NEAR, EtherMail, Unstoppable Domains.

Researchers at the venture capital giant Andreessen Horowitz (a16z) estimate there are tens of millions of “real” monthly crypto users.

Calculating crypto users can be difficult because people are often incentivized to create multiple public addresses for security or things like airdrop farming, according to a new analysis conducted by Eddy Lazzarin, the chief technology officer (CTO) for a16z Crypto, and Daren Matsuoka, a data scientist at the firm.

So even though Andreessen Horowitz measured 220 million unique monthly active addresses in the month of September, that doesn’t mean there are 220 million users, the researchers explain.

Using on-chain analytics and forensics, Lazzarin and Matsuoka filtered out addresses that receive funds from dispersion contracts, which are designed to take in funds and automatically distribute them across many different addresses. They also filtered out addresses that had near-zero balances at the beginning and the end of September, as well as addresses with many transactions over a very short period of time.

“Humans using a wallet or application interface can only reasonably process a certain number of transactions in a given period of time, whereas bots can transact at greater frequencies.” 

The duo also analyzed off-chain data sources, like MetaMask, which reports its monthly active wallet users.

Conclude the researchers,

“Based on our analysis using many of the approaches described above, we estimate there are 30–60 million real monthly crypto users today. This is a wide range, obviously, but it’s our best ballpark range based on the available data.

Note that this is just 14-27% of the 220 million monthly active addresses we measured in September.

It’s also just 5-10% of the 617 million global crypto owners reported by Crypto.com in June. (Global crypto owners refer to people who own crypto, but do not necessarily transact on-chain).

This differential suggests there is a huge opportunity to convert existing crypto owners – who are mostly passive holders – into active users. As major infrastructure improvements make brand new, compelling apps and consumer experiences possible, crypto holders who are lying dormant could become re-engaged on-chain users.”

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