Tether announces changes in USDT issuance strategy
Tether has made modifications to its USDT issuance strategy, discontinuing support on the Bitcoin, Kusama, and Bitcoin Cash platforms. The decision was made after evaluating factors such as security, customer service, regulatory compliance, and overall oversight. Tether cited insufficient traction and potential security risks as the primary reasons for discontinuing support on these blockchains.
Key Points:
- Tether has stopped supporting USDT on Bitcoin, Kusama, and Bitcoin Cash platforms.
- Insufficient traction and potential security risks were cited as the reasons for discontinuation.
- USDT-Omni, USDT-Kusama, and USDT–BCHSLP minting has ceased from August 17.
- USDT redemption will continue on these platforms for the next 12 months.
- Users have the option to swap impacted USDT to other versions through platforms like Bitfinex.
Tether’s decision to halt support on these platforms means the end of USDT-Omni, USDT-Kusama, and USDT–BCHSLP minting. However, users can still redeem USDT on these platforms for the next 12 months. Those looking for alternatives can swap their impacted USDT to other versions through platforms like Bitfinex.
Hot Take:
Tether’s decision to discontinue support on Bitcoin, Kusama, and Bitcoin Cash platforms highlights their commitment to security and oversight. While this may impact users who relied on USDT on these blockchains, there are still alternatives available. It will be interesting to see if Tether reconsiders issuing USDT on Bitcoin via Omni in the future based on usage and decentralized exchange activities.
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