2023-8-18 18:53 |
Tether, the issuer of $82 billion market cap stablecoin USDT, has announced that it will discontinue support for three blockchains as part of a strategic transition aimed at meeting community demand and fostering innovation.
An announcement the company published on Thursday notes that minting and issuing of the world’s largest USD-pegged stablecoin will stop for Bitcoin Omni, Bitcoin Cash SLP implementations and Polkadot test chain Kusama.
According to details on the Tether transparency page, nearly $240 million worth of USDT tokens are on Omni, $986,000 on Bitcoin Cash SLP and $1.49 million on Kusama asset hub.
Tether ends USDT support on OmniOmni is a decentralised software layer on the Bitcoin blockchain that allows for the trading of custom crypto assets and currencies. Tether has used the transport layer since 2014, a fact noted in today’s announcement. However, lack of demand for the layer has seen USDT usage decline, Tether wrote.
“The Omni Layer faced challenges due to the lack of popular tokens and the availability of USD₮ on other blockchains. This led many exchanges to favor alternative transport layers, leading to a decline in USD₮ usage on Bitcoin using the Omni Layer.”
Alongside USDT-Omni, the stablecoin issuer is ceasing support for USDT-Kusama, and USDT–BCHSLP as from Thursday, August 17, 2023. Users will however continue to redeem these normally for the next 12 months, with Tether communicating any changes by then.
Also notable is that users can go ahead and swap USDT-Omni, USDT-Kusama, and USDT-BCH-SLP for other chains. This will happen on platforms that support the impacted assets, including Bitfinex.
Kusama, Bitcoin Cash and Polkadot tokens traded slightly lower at $21.89, $203, and $4.68 respectively at the time of writing. USDT was 0.2% off its dollar peg at $0.996685.
The post Tether ends USDT support for OmniLayer, Kusama and BCH-SLP appeared first on Invezz.
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