Tether, the leading stablecoin issuer, announced the end of support for five 'legacy' blockchains, choosing to focus on more active platforms. This change affects Algorand, Bitcoin Cash, EOS, Kusama, and Omni.
Reasons for Ending Support
Tether has decided to cease support for the listed blockchains due to their low activity and ongoing performance issues. Tether CEO Paolo Ardoino stated, “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.”
Impact on Users and Statistics
Starting September 1, Tether will halt token redemptions on these chains, which will be frozen. Data shows a significant decline in usage of these networks. Omni, once holding nearly $888 million in USDT, now has around $82 million circulating. Bitcoin Cash, previously hosting $5 million, is now down to less than $1 million, while Kusama has decreased to $250,000.
Future of Tether and Selected Blockchains
Tether intends to focus on faster infrastructures like Bitcoin's Lightning Network. Ethereum and Tron remain the primary homes for USDT, accounting for the bulk of the $159 billion in circulation. Tether urges users holding USDT on deprecated chains to redeem their tokens or request reissuance on a supported blockchain.
The cessation of support for outdated blockchains by Tether highlights the company's strategy to focus resources on more active platforms and adapt to changes in cryptocurrency market regulation.
