Tether, the issuer of the world’s largest stablecoin USDT, introduced on Thursday that it’s going to discontinue assist for its flagship stablecoin on three blockchains, Kusama, Bitcoin Money SLP (Easy Ledger Protocol), and Omni Layer.
See associated article: Tether says USDT extra reserves reached US$3.3 billion in Q2
- Tether stated it stopped minting new USDT on these chains beginning Aug. 17 however will proceed redemptions for USDT-Omni, USDT-Kusama, and USDT-BCH-SLP for at the very least the following 12 months.
- Customers can even swap USDT-Omni, USDT-Kusama, and USDT-BCH-SLP for different chains through platforms that assist these property, similar to Bitfinex, Tether’s sister cryptocurrency change below the iFinex umbrella.
- Omni, a software program layer constructed on prime of Bitcoin, has lacked standard tokens, inflicting many exchanges to favor different layers, Tether stated in a assertion on Thursday.
- Tether added that it’s dedicated to leveraging Bitcoin expertise by contributing to the event of RGB, a wise contracts protocol for the Bitcoin blockchain.
- “As soon as USDT on RGB goes reside, the world will witness USDT on one other super-powerful and scalable Bitcoin layer,” Tether stated.
- With a market capitalization of US$82.84 billion, USDT is acknowledged because the world’s largest stablecoin. It has been buying and selling off its greenback peg on secondary markets for almost all of Friday amid heightened market volatility, in response to CoinMarketCap knowledge.
- Tether has constantly asserted that customers can at all times redeem one USDT token for one greenback, whatever the stablecoin’s worth in public markets.
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