Tether stops USDT stablecoin mints on three blockchains
Tether, the issuer of the world’s largest stablecoin USDT, announced on Thursday that it will end support for its flagship stablecoin on three blockchains, Kusama, Bitcoin Cash SLP (Simple Ledger Protocol) and Omni Layer.
See related article: According to Tether, USDT excess reserves reached $3.3 billion in the second quarter
brief info
- Tether announced that it stopped minting new USDT on these chains as of August 17, but will continue redemptions for USDT-Omni, USDT-Kusama, and USDT-BCH-SLP for at least the next 12 months.
- Users can also trade USDT-Omni, USDT-Kusama, and USDT-BCH-SLP for other chains through platforms that support these assets, such as Bitfinex, Tether’s sister cryptocurrency exchange under the iFinex umbrella.
- Omni, a software layer built on top of Bitcoin, lacked popular tokens, leading many exchanges to favor alternative layers, Tether said in a statement on Thursday.
- Tether added that it is committed to leveraging Bitcoin technology by contributing to the development of RGB, a smart contracts protocol for the Bitcoin blockchain.
- “Once USDT goes live on RGB, the world will see USDT on another super powerful and scalable Bitcoin layer,” Tether said.
- With a market cap of $82.84 billion, USDT is considered the world’s largest stablecoin. According to data from CoinMarketCap, the company traded unpegged in the secondary markets for most of Friday amid heightened market volatility.
- Tether has always maintained that users can always redeem a USDT token for a dollar, regardless of the stablecoin’s price on public markets.
See related article: Is Tether Unmoored — Or Just Good?
