In an attempt to double down on platforms that better serve its user base, the largest stablecoin issuer, Tether, has decided to wind down support for its flagship product, USDT, on five blockchains. According to a blog post by the company, the blockchains to be affected include Omni Layer, Bitcoin Cash Simple Ledger Protocol (SLP), Algorand, Kusama, and EOS. Tether to Wind Down USDT Support Omni Layer is a Bitcoin-based software protocol, while Algorand, Kusama, and EOS are Proof-of-Stake layer-1 networks. SLP was built on Bitcoin Cash to enable users to create and manage custom tokens. Tether said these platforms played a foundational role in its growth; however, their USDT volume has significantly plummeted in the last two years. By September 1, the stablecoin company will discontinue USDT redemptions and freeze the remaining tokens on these blockchains. The decision is part of Tether’s efforts to optimize infrastructure and channel its resources toward actively developed blockchains that align 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. Tether’s CEO, Paolo Ardoino, said: “As the digital asset ecosystem evolves, Tether remains committed to adapting alongside it. Sunsetting support for these legacy chains allows us to focus on platforms that offer greater scalability, developer activity, and community engagement — all key components for driving the next wave of stablecoin adoption.” Reallocating Resources to Developing Chains USDT users on the affected blockchains are to redeem their USDT as soon as possible, or request an issuance of their holdings on supported blockchains. They can also migrate their holdings to supported chains via service providers, according to the terms of those platforms. Although Tether is ending USDT support on these five chains, the company is still open to collaborating with innovative ecosystems. This means the firm is willing to expand USDT support on scalable networks. Tether is focusing on layer-2 and decentralized finance-native chains with robust user activity, developer engagement, speed, improved interoperability, and ecosystem growth. The latest decision will enable the firm to reallocate resources from underutilized blockchains to those that serve its goals. Meanwhile, Tether has remained persistent in expanding its business beyond stablecoins. The company is working toward becoming the world’s largest Bitcoin miner by the end of the year. The post Tether to End USDT Support on These 5 Blockchains appeared first on CryptoPotato .
