Tether stops redemption for USDT (USDT) in five legacy blockchain since September 1, the company announced on Friday. The move affects users of the Omni Layer, Bitcoin Cash SLP, Kusama, EOS (now vaulta), and Algorand.
“Sunsetting support for these chains chains gives us to focus on platforms that offer greater scalability, developer activity, and community relationships,” Paolo Ardoino, Tether’s CEO, said in a statement.
Tether’s sunset for specific blockchains was in the works for hours. In August 2023 the company announced that it was no longer Issue a USDT to Omni layerKusama, and Bitcoin Cash SLP. In June 2024, Tether Stop Minting with EOS and Algorand.
The USDT is the largest stablecoin in circulation with a market capitalization of $ 139.4 billion according to cointelegraph indexes. A review of USDT balances throughout the affected blockchains Shut up That Omni layer holds a net circulation of $ 82.9 million USDT, while other networks have smaller participation: Bitcoin cash SLP with $ 986,500, Kusama with $ 240,000, EO with $ 4.2 million, and Algorand with $ 841,600.
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Algorand users ‘must experience without interruption’
According to In Defillma, the USDT is the third-famous stablecoin in the Algorand Blockchain. The USD Coin (USDC), issued by Tether’s main competitor, is the most popular Stablecoin, which costs nearly $ 73 million in the Market Cap on the Algorand Network.
“Our users should experience without interruption, giving Tether a decision to stop offering Tether at Algorand last year,” a representative for the Algorand Foundation at Cointelegraph. “At this time, they gave customers a year to complete redemption. In the same year, we only saw our Stablecoin volumes.”
According to In data from the token terminal, Algorand’s income costs $ 42,300 in the last 30 days. Blockchain companies often make money through transaction fees.
Tether said the rejection, for the least Omni layer, was due to the lack of USDT use in the network.
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