Tether to sundown USDT redemptions on 5 ‘legacy’ networks together with Bitcoin Money, Algorand
Tether introduced it would discontinue help for its USDT stablecoin on 5 “legacy” blockchains, together with Omni Layer, Bitcoin Money SLP, Kusama, EOS, and Algorand.
Based on the July 11 announcement, the transfer will grow to be efficient Sept. 1, ending redemptions and freezing remaining tokens on these networks.
The choice comes as a part of what the corporate known as an “infrastructure optimization” technique, aiming to align with shifting group utilization tendencies and refocus assets towards extra energetic and scalable blockchains.
The transfer finalizes a phased withdrawal that started over the previous two years. In 2023, Tether halted minting on Bitcoin Money, Kusama, and Omni Layer and ended minting on Algorand and EOS (not too long ago rebranded as Vaulta) final June.
Till now, nevertheless, it had continued to redeem tokens on these networks.
Tether CEO Paolo Ardoino mentioned:
“Because the digital asset ecosystem evolves, Tether stays dedicated to adapting alongside it. Sunsetting help for these legacy chains permits us to give attention to platforms that provide better scalability, developer exercise, and group engagement, all key elements for driving the following wave of stablecoin adoption.”
Tether emphasised that the 5 blockchains had been instrumental in its early growth however have seen a steep decline in USDT utilization and buying and selling quantity lately. USDT stays the biggest stablecoin in crypto with a market capitalization nearing $160 billion.
The corporate mentioned it would prioritize rising Layer 2 networks, such because the Lightning Community, and different high-utility chains to reinforce interoperability, transaction pace, and ecosystem development.
Tether suggested clients to redeem their USDT holdings on the affected blockchains or request issuance on supported networks earlier than the September cutoff. Holders in a roundabout way served by Tether can migrate by means of third-party service suppliers.
The stablecoin issuer added that it’ll proceed exploring new integrations to broaden USDT accessibility globally and strengthen its infrastructure to satisfy evolving market calls for.
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