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
Quick information
- Tether mentioned 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 no less than the subsequent 12 months.
- Customers can even swap USDT-Omni, USDT-Kusama, and USDT-BCH-SLP for different chains by way of platforms that assist these property, resembling Bitfinex, Tether’s sister cryptocurrency alternate beneath the iFinex umbrella.
- Omni, a software program layer constructed on high of Bitcoin, has lacked widespread tokens, inflicting many exchanges to favor different layers, Tether mentioned in a assertion on Thursday.
- Tether added that it’s dedicated to leveraging Bitcoin know-how by contributing to the event of RGB, a sensible 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 mentioned.
- 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 accordance with CoinMarketCap information.
- Tether has constantly asserted that customers can at all times redeem one USDT token for one greenback, whatever the stablecoin’s value in public markets.
See associated article: Is Tether unmoored — or simply dandy?
