Tether, the leading stablecoin issuer, has announced it will cease support for its flagship product USDT on five blockchains, including Omni Layer and Algorand, as part of a strategic infrastructure review.
Reasons for USDT Support Discontinuation
Tether states that the blockchains affected had played a foundational role in its growth; however, the trading volumes of USDT on these platforms have significantly decreased over the past two years. Starting September 1, 2023, Tether will discontinue redemptions of USDT and freeze the remaining tokens on the specified blockchains.
Reallocating Resources to Developing Chains
In place of this, Tether intends to redirect its resources toward actively developed blockchains that align with community usage trends. Users of USDT on the affected chains should redeem their tokens as soon as possible or request issuance of their assets on supported blockchains.
Future of Tether
Despite ending support on these five chains, Tether remains open to collaboration with innovative ecosystems. The company continues to pursue expansion in layer 2 and decentralized finance-native networks, focusing on speed, interoperability, and ecosystem growth.
Tether's decision to discontinue USDT support on legacy blockchains reflects its intention to optimize resources and focus on more promising platforms for its business development.
