Tether has introduced it should wind down USDT on 5 lesser-used blockchains after utilization on these networks wanes.
Redemptions and token minting on Omni Layer, Bitcoin Money’s Easy Ledger Protocol, Kusama, EOS, and Algorand are set to cease on Sept. 1, 2025. Remaining tokens are to be frozen on the identical day, in response to an announcement.
Collectively, the 5 networks carry solely a sliver of USDT’s roughly $156 billion float. Tether says the utilization of USDT on these networks, which it touts as enjoying a task within the agency’s early development, has declined “considerably” over the previous two years.
“Sunsetting assist for these legacy chains permits us to deal with platforms that provide larger scalability, developer exercise, and neighborhood engagement — all key parts for driving the subsequent wave of stablecoin adoption,” Tether CEO Paolo Ardoino stated within the assertion.
The agency will redirect its focus to Layer 2 networks such because the Lightning Community and to newer blockchains that promise sooner settlement and richer developer tooling.
Tether has requested its prospects holding USDT on the 5 networks to redeem their holdings as quickly as doable or request issuance of their tokens on a supported blockchain. Token holders can migrate their tokens by way of blockchain bridges or exchanges.
The lion’s share of Tether’s $156 billion fiat is at present circulating on Tron and Ethereum, which collectively make up over 95% of the entire. Solana is the one different community with greater than 1% of USDT’s provide in circulation, in response to RWA.xyz knowledge.
