Larry David on Tether’s Blockchain Breakup: “It’s Not You, It’s Me” 🙄

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So, Tether is finally calling it quits with USDT (USDT) on five blockchains starting Sept. 1. You know, the ones that are like, so 2018. The company announced this on Friday, and I’m just shocked—shocked, I tell you! 🤦‍♂️

“Sunsetting support for these legacy chains allows us to focus on platforms that offer greater scalability, developer activity, and community engagement,” said Paolo Ardoino, CEO of Tether, in a statement. Like, who doesn’t want to focus on the new hotness? 🌞

Tether’s decision to break up with these blockchains has been in the works for a while. In August 2023, they announced they’d stop issuing USDT on the Omni Layer, Kusama, and Bitcoin Cash SLP. Then, in June 2024, they halted minting on EOS and Algorand. It’s like a blockchain version of “it’s not you, it’s me.” 😢

USDT is the largest stablecoin in circulation, with a market cap of $139.4 billion, according to CryptoMoon indexes. But let’s be real, who’s counting? A review of USDT balances across the affected blockchains shows that Omni Layer holds a net circulation of $82.9 million USDT, while the others are like, pocket change: Bitcoin Cash SLP with $986,500, Kusama with $240,000, EOS with $4.2 million, and Algorand with $841,600. 🤑

Users on Algorand ‘should experience no disruption’

According to DefiLlama, USDT is the third-most-popular stablecoin on the Algorand blockchain. USDC, issued by Tether’s main competitor Circle, is the most popular, accounting for nearly $73 million more in market cap on the Algorand network. But hey, who’s keeping score? 🤷‍♂️

“Our users should experience no disruption, given Tether made the decision to stop offering Tether on Algorand last year,” a representative for the Algorand Foundation told CryptoMoon. “At the time, they gave customers one year to complete redemptions. In this same year, we’ve only seen our stablecoin volumes grow.” Like, it’s not like they’re going to miss USDT or anything. 🙄

According to data from the Token Terminal, Algorand’s revenue amounted to $42,300 over the past 30 days. Blockchain companies often make money through transaction fees. But let’s be honest, that’s like, a rounding error. 🤓

Tether said that the discontinuance, for at least the Omni Layer, was due to the lack of USDT usage on the network. Like, who uses Omni Layer anyway? 🤷‍♂️

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2025-07-11 23:17