Oh, what a tangled web we weave when first we practice to deceive! The illustrious Tether, the largest stablecoin issuer, has decided to part ways with its USDT on five blockchains, a move that’s as dramatic as a midsummer night’s dream. 🌹
According to a blog post that could have been written by a particularly sardonic playwright, the blockchains to be affected are the Omni Layer, Bitcoin Cash Simple Ledger Protocol (SLP), Algorand, Kusama, and EOS. A veritable who’s who of the blockchain world, wouldn’t you say?
Omni Layer, a Bitcoin-based software protocol, and the Proof-of-Stake layer-1 networks of Algorand, Kusama, and EOS, along with the SLP built on Bitcoin Cash, have all played a foundational role in Tether’s growth. However, like a once-popular tune that’s now been skipped over, their USDT volume has significantly plummeted in the last two years. By September 1, Tether will discontinue USDT redemptions and freeze the remaining tokens on these blockchains. Goodbye, cruel world! 🌍
The decision, as one might expect, is part of Tether’s grand plan to optimize infrastructure and channel its resources toward actively developed blockchains that align with community usage trends. After all, why waste time on the passé when you can focus on the avant-garde? The company has reviewed blockchain usage data, market demand, and feedback from community stakeholders and partners before deciding on this theatrical exit.
Tether’s CEO, Paolo Ardoino, said: “As the digital asset ecosystem evolves, Tether remains committed to adapting alongside it. 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.”
USDT users on the affected blockchains are advised to redeem their USDT as soon as possible, or request an issuance of their holdings on supported blockchains. They can also migrate their holdings to supported chains via service providers, according to the terms of those platforms. It’s a bit like being asked to leave a party and then being told where the next one is. 🎉
Although Tether is ending USDT support on these five chains, the company is still open to collaborating with innovative ecosystems. This means the firm is willing to expand USDT support on scalable networks. In other words, they’re not closing the door, just changing the venue. 🚪
Tether is focusing on layer-2 and decentralized finance-native chains with robust user activity, developer engagement, speed, improved interoperability, and ecosystem growth. The latest decision will enable the firm to reallocate resources from underutilized blockchains to those that serve its goals. It’s a bit like moving from a quaint village to a bustling metropolis. 🏙️
Meanwhile, Tether has remained persistent in expanding its business beyond stablecoins. The company is working toward becoming the world’s largest Bitcoin miner by the end of the year. One can only imagine the drama that will ensue! 🎬
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2025-07-12 23:27