Tether to sundown USDT redemptions on 5 ‘legacy’ networks together with Bitcoin Money, Algorand
Tether introduced it’ll discontinue assist for its USDT stablecoin on 5 “legacy” blockchains, together with Omni Layer, Bitcoin Money SLP, Kusama, EOS, and Algorand.
In line with the July 11 announcement, the transfer will turn into efficient Sept. 1, ending redemptions and freezing remaining tokens on these networks.
The choice comes as a part of what the corporate referred to as an “infrastructure optimization” technique, aiming to align with shifting group utilization traits and refocus sources towards extra energetic and scalable blockchains.
The transfer finalizes a phased withdrawal that started over the previous two years. In 2023, Tether halted minting on Bitcoin Money, Kusama, and Omni Layer and ended minting on Algorand and EOS (just lately rebranded as Vaulta) final June.
Till now, nonetheless, it had continued to redeem tokens on these networks.
Tether CEO Paolo Ardoino mentioned:
“Because the digital asset ecosystem evolves, Tether stays dedicated to adapting alongside it. Sunsetting assist for these legacy chains permits us to deal with platforms that provide higher scalability, developer exercise, and group engagement, all key parts for driving the following wave of stablecoin adoption.”
Tether emphasised that the 5 blockchains have been instrumental in its early enlargement however have seen a steep decline in USDT utilization and buying and selling quantity in recent times. USDT stays the biggest stablecoin in crypto with a market capitalization nearing $160 billion.
The corporate mentioned it’ll prioritize rising Layer 2 networks, such because the Lightning Community, and different high-utility chains to reinforce interoperability, transaction pace, and ecosystem development.
Tether suggested clients to redeem their USDT holdings on the affected blockchains or request issuance on supported networks earlier than the September cutoff. Holders in a roundabout way served by Tether can migrate by third-party service suppliers.
The stablecoin issuer added that it’s going to proceed exploring new integrations to broaden USDT accessibility globally and strengthen its infrastructure to satisfy evolving market calls for.
