Tether to discontinue USDT on five blockchains to 'refocus resources'

Key Points

1. Tether announced the discontinuation of USDt redemptions on Omni Layer, Bitcoin Cash SLP, Kusama, EOS, and Algorand, effective September 1.

2. The company had previously stopped issuing USDt on Omni Layer, Kusama, and Bitcoin Cash SLP in August 2023, and halted minting on EOS and Algorand in June 2024.

3. USDt is the largest stablecoin with a market capitalization of $139.4 billion, but the affected blockchains hold relatively small balances (e.g., $82.9 million on Algorand, $986,500 on Bitcoin Cash SLP).

4. Algorand users 'should experience no disruption' as USDt is the third-most-popular stablecoin on the network, with USDC having a larger market cap.

5. Tether's decision aligns with its strategy to optimize resource allocation, citing low usage of USDt on the discontinued blockchains.