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Bonds announced that he will interrupt support for his USDT Stablecoin on five blockchains “Legacy”, including Omni Layer, Bitcoin Cash SLP, Kusama, EOS and Algorand.
According to July 11 notificationThis step will be effective 1 September and end the purchase and freezing of the remaining chips in these networks.
The decision comes in the context of what the company called the “Infrastructure Optimization” strategy, which aims to cope with moving the trends of community use and focusing on sources on a more active and scalated blockchain.
This step will complete the gradual withdrawal that has begun in the last two years. In 2023, Tether stopped raning for bitcoin cash, pieces and Omni Layer, and ended ran on Algorand and EOS (recently rebrated as Vault) last June.
Until now, however, these networks have continued to redeem the tokens.
Tether’s CEO Paolo Ardoino said:
“As the digital asset ecosystem develops, Tether is still determined to adapt along. Support for these older chains allows us to focus on platforms that offer greater scalability, development activity and community involvement, all key components to control the next wave of Stablecoin.
Tether pointed out that five blockchains were helpful in his timely expansion, but in recent years he has seen a sharp decrease in the use of USDT and the volume of trading. USDT remains the largest stablecoin in the crypt with market capitalization, which is approaching $ 160 billion.
The company said it will prefer Emerging networks of Layer 2, such as Lightning Network, and other highly useful chains to increase interoperability, transaction speed and ecosystem growth.
Tether advised customers to apply their shares in the affected blockchains before the September restrictions or to request supported networks. Holders who are not directly delivered in Tether can migrate through third -party service providers.
Issuer Stablecoin added that he would continue to examine new integration to extend the availability of USDT globally and strengthen his infrastructure to meet the developing market requirements.
