Tether to end support for these 5 blockchains

To double the platform of the largest Stablecoin issuer Tether to better serve its user base, Tether has decided to put down support for its flagship USDT on five blockchains.

According to the company’s blog post, affected blockchains include the Omni layer, Bitcoin Cash Simple Ledger (SLP), Algorand, Kusama and EOS.

Tether to end USDT support

The OMNI layer is a Bitcoin-based software protocol, while Algorand, Kusama and EOS are the proof-of-sale Layer-1 networks. SLP is built on Bitcoin Cash to enable users to create and manage custom tokens.

These platforms play a fundamental role in their growth, Tether said. However, their USDT volume has dropped significantly over the past two years. By September 1, Stablecoin will stop USDT redemption and freeze the remaining tokens on these blockchains.

The decision is part of Tether’s efforts to optimize infrastructure and direct its resources to an actively developed blockchain that aligns with community usage trends. The company has reviewed blockchain usage data, market demand and feedback from community stakeholders and partners before deciding on the move.

“As the digital asset ecosystem grows, Tether remains committed to adapting to it. The sunset support for these legacy chains allows us to focus on providing a platform for greater scalability, developer activity and community engagement – all key components used to promote stability and stability.”

Reallocate resources to develop chains

USDT users on affected blockchains will redeem their USDT as soon as possible or request the issuance of their holdings in supported blockchains. Under the terms of these platforms, they can also migrate their holdings to supported chains through service providers.

Despite Tether’s termination of USDT support for the five chains, the company is still open to work with an innovative ecosystem. This means the company is willing to expand USDT support on scalable networks.

Tether focuses on Tier 2 and decentralized financial chains with strong user activity, developer engagement, speed, improved interoperability and ecosystem growth. The latest decision will enable companies to redistribute resources that are not fully utilized to resources that achieve their goals.

Meanwhile, Tether still insists on expanding its business beyond its stable scope. By the end of this year, the company is working to become the world’s largest Bitcoin miner.