Tether, the largest stablecoin issuer in the world, has announced a significant strategic change, ending support for USDT on five blockchains, affecting all users.
Changes in USDT Blockchain Support
Tether has officially announced the cessation of USDT redemptions and the freezing of all remaining tokens on five specific blockchains. This decision, effective September 1, is aimed at simplifying operations and focusing resources on more active networks. The affected blockchains include:
* Omni Layer * Bitcoin Cash SLP * Kusama * EOS * Algorand
Reasons for Tether's Streamlining Operations
Tether explained its actions as follow:
* Simplification of operations * Adapting to evolving user demand * Concentrating on high-activity blockchains * Resource optimization
These steps highlight Tether's commitment to enhancing efficiency in the dynamic blockchain ecosystem.
Implications for USDT Holders
Holders of USDT on the affected blockchains must take action before September 1:
* Migrate tokens to supported networks. * Direct redemption of USDT through Tether will not be possible on these chains after the stated date. * Any remaining tokens on these blockchains will be frozen and rendered unusable.
It is important to check where your USDT is stored and take necessary steps to transfer.
Tether's reduction of support on less active blockchains ultimately demonstrates the importance of adapting to user needs and striving for efficiency. This decision could lead to further changes in the stablecoin industry.
