Tether Plans to Discontinue USDt Redemptions on Five Legacy Blockchains Starting September
2025-07-11 19:39:22
Main Idea
Tether will discontinue USDt redemptions on five legacy blockchains (Omni Layer, Bitcoin Cash SLP, Kusama, EOS, and Algorand) effective September 1, 2024, as part of its strategy to optimize network efficiency and focus on scalable ecosystems.
Key Points
1. Tether's decision affects Omni Layer, Bitcoin Cash SLP, Kusama, EOS, and Algorand, with Omni Layer holding the largest share of USDt ($82.9 million) among them.
2. Algorand, where USDt is the third-most-popular stablecoin, has already seen Tether cease new USDt issuance in 2023, giving users time to redeem tokens.
3. Algorand's stablecoin market remains active, primarily driven by USDC, with $42,300 in revenue over the past month.
4. Tether began phasing out USDt on legacy blockchains in mid-2023, halting minting on Omni Layer, Kusama, Bitcoin Cash SLP, EOS, and Algorand.
5. The move aims to enhance USDt's usability in DeFi and other blockchain applications by focusing on scalable and developer-friendly networks.
Description
Tether is officially ending USDt redemptions on five legacy blockchains, signaling a strategic shift towards more scalable and active platforms. This move impacts users on Omni Layer, Bitcoin Cash SLP,
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