Summary:
Tether, the largest stablecoin issuer, recently announced that it will discontinue support for Omni, a Bitcoin layer used for USDT transfers since 2014. This decision also includes the relinquishment of support for Kusama (KSM) and Bitcoin Cash (BCH) SLP implementations. Tether cited the lack of popular tokens and the availability of USDT on other blockchains as the main reasons for the decline in USDT usage on Bitcoin using the Omni Layer. With a market cap of $82 billion, Tether will stop issuing USDT on Omni, Kusama, and Bitcoin Cash, while redemptions will continue for the next 12 months.
Main Breakdowns:
– Tether discontinues support for Omni, Kusama, and Bitcoin Cash SLP implementations.
– Omni is a software layer built on top of the Bitcoin blockchain.
– The decline in USDT usage on Bitcoin using the Omni Layer is due to the lack of popular tokens and availability on other blockchains.
– Tether’s transparency report reveals the market cap and issuance of tokens on different layers.
– USDT redemptions will continue for the next 12 months.
Hot Take:
Tether’s decision to discontinue support for Omni, Kusama, and Bitcoin Cash highlights the evolving landscape of stablecoin usage. As new transport layers emerge and offer greater functionality, stablecoin issuers must adapt to remain relevant. This move by Tether demonstrates their commitment to meeting the needs of the crypto community and ensuring the widespread use of USDT across various blockchains.
By
By
By
By
By