Tether to Stop Supporting Three Blockchains
Tether, one of the largest stablecoin issuers, has announced its decision to stop supporting three blockchains – Bitcoin Omni, Bitcoin Cash SLP, and Polkadot’s Kusama test chain. This move is aimed at meeting the community’s needs and promoting innovation within the crypto space.
Key Points:
- Tether will no longer support Bitcoin Omni, Bitcoin Cash SLP, and Kusama test chain.
- There is currently around $240 million USDT on Bitcoin Omni, $986,000 on Bitcoin Cash SLP, and $1.49 million on Kusama.
- The transition process will involve halting the creation of USD₮ on these blockchains, but the redemption will continue for at least the next 12 months.
- Users can exchange their USD₮ on these blockchains for other supported chains on platforms like Bitfinex.
- Tether’s decision is driven by the challenges faced by the Omni Layer and the declining usage of USD₮ on Bitcoin using this layer.
Tether’s Commitment to Transparency and Adaptability
Tether stresses its commitment to transparency and adaptability through this strategic transition. Despite the challenges faced by the Omni Layer, the company believes in the potential of decentralized exchanges and the transformative power of the Omni Layer. They emphasize their dedication to consistency, transparency, and open procedures, even if it means making difficult decisions. Ultimately, Tether believes that the market should determine which protocols and blockchains are utilized for transferring value.
Hot Take
Tether’s decision to stop supporting these three blockchains reflects its willingness to adapt and evolve in response to the changing needs of the crypto community. By focusing on more widely used and popular blockchains, Tether aims to encourage innovation and ensure the efficient transfer of value. This move highlights the importance of staying nimble and responsive in the fast-paced world of cryptocurrencies.
By
By
By
By
By