Stablecoin issuer Tether is discontinuing support for USDT on the Bitcoin, Kusama and Bitcoin Cash blockchains.
“We carefully evaluate the effort required, encompassing security, customer support, compliance, and regulatory oversight, to ensure the security, usability, and sustainability of the chosen blockchain,” Tether said in antoday. “If a blockchain lacks significant traction over an extended period and shows no signs of recovery in usage indicators, maintaining support becomes inefficient and may jeopardize security and oversight.
“Therefore, after careful consideration, Tether will embark on a strategic transition, discontinuing support for the Kusama, Bitcoin Cash SLP and Omni Layer implementations,” Tether added. Tether will cease minting of USDT-Omni, USDT-Kusama and USDT–BCHSLP from August 17. However, users can still redeem the tokens as usual for at least the next 12 months and can also swap them for USDT on other chains via platforms like Bitfinex, Tether noted.Omni was the first layer that Tether used in 2014, enabling it to issue stablecoins on the Bitcoin blockchain.
Tether said it was also actively contributing to RGB — a smart contracts system operating on Bitcoin's Layer 2 and 3 — and would return to issuing the stablecoin on Bitcoin once USDT on RGB goes live.USDT supply, according to The Block’s data dashboard.to CoinGecko data. © 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
33 Billion SHIB Moved From Exchanges as Shytoshi Kusama Teases Shibarium Launch TodayWhales have shoveled tremendous amount of SHIB within past hour, withdrawing a lot of it from top exchanges
Read more »
Shytoshi Kusama says Shibarium's locked Ether, BONE are safeShytoshi Kusama, the lead of the Shiba Inu project, addressed the issue of the Shibarium mainnet launch that resulted in 1,000 Ether and 600,000 BONE
Read more »
Fundstrat’s Tom Lee Predicts Bitcoin Price Will Surge to $150,000 if This HappensPermabull Tom Lee has shared yet another uber-bullish Bitcoin price prediction
Read more »
Bitcoin & Ethereum After Ripple Wins SEC Case: Preparing for an AdvanceCryptocurrencies jumped after a US judge ruled on Thursday that Ripple Labs Inc did not violate federal securities law by selling its XRP token on public exchanges. Technical charts suggest Bitcoin and Ethereum could be preparing for another leg higher.
Read more »
Bitcoin Price Latest: BTC/USD Remains Lifeless But Has it Found a Bottom?Aside from the odd altcoin pump and dump the cryptocurrency market is lifeless with a lack of volatility hampering traders.
Read more »
Bitcoin & Ethereum Hold Ground Ahead of US CPI: BTC/USD & ETH/USD Price SetupsRealized volatility may have fallen recently in Bitcoin and Ethereum but it hasn’t altered the broader trend. What is the outlook and the key levels to watch in BTC/USD and ETH/USD?
Read more »