Stablecoin issuer Tether will discontinue support for USDT on three blockchains – Bitcoin, Kusama, and Bitcoin Cash from August 17. In other words, Tether will stop minting USDT-Omni, USDT-Kusama, and USDT-BCHSLP. However, users who hold these tokens can redeem them for at least the next 12 months. They can also swap them as usual for USDT on other chains through platforms like Bitfinex, Tether said in an announcement.
“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. 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,” it said.
In 2014, Tether used Omni to issue stablecoins on the Bitcoin blockchain. In recent years, USDT usage on Omni fell sharply due to its availability on other blockchain networks. However, Tether said it would reconsider issuing USDT via Omni on Bitcoin if there is a surge in the usage of Omni Layer’s decentralized exchange.
“We believe the market should decide which protocols and blockchains are utilized for the transfer of value. We will continue to support the protocols and chains that the community finds useful and encourage the community to expand the use cases of USDT on every protocol,” Tether said.
