Tether has just announced that it would be closing the tap on five legacy blockchains.
Starting on September 1, Tether will be discontinuing its USDt redemptions for users on the Omni Layer, Bitcoin Cash SLP, Kusama, EOS and Algorand platforms.
Tether CEO Paolo Ardoino explained that this is a strategic move as part of Tether's ongoing efforts to concentrate resources on networks offering higher scalability, developer activity and community engagement.
In his statement, Tether CEO Paolo Ardoino explained that sunsetting support for these legacy chains allows us to focus on platforms that offer greater scalability, developer activity, and community engagement.
Tether’s withdrawal from these networks has been a gradual and slow process, which was a deliberate move to give users enough time to adapt to the changes.
For example, the company made the announcement to cut off the issuing of USDt on the Onmi Layer, Kusama, and Bitcoin Cash SLP in August 2023.
Then a similar announcement was made to halt the minting on EOS and Algorand.
For Algorand, the transition is expected to be smooth. The Algorand Foundation confirmed that users “should experience no disruption,” as the announcement was made on year in advance which should provide customers with a ample time to make the necessary redemptions.
During this period, Algorand has actually seen growth in stablecoin volumes, with USD Coin (USDC) now leading in market cap on the network.
USDt remains the leading stablecoin, with a market cap of $139.4 billion, according to Cointelegraph indexes.
A review of USDt balances across the affected blockchains revealed that Omni Layer holds a net circulation of $82.9 million USDt, while other networks have a smaller participation: Bitcoin Cash SLP with $986,500, Kusama with $240,000, EOS with $4.2 million, and Algorand with $841,600.
Tether cited low usage as a primary reason for discontinuing support, particularly on the Omni Layer.
The company’s strategy is to refocus on platforms with greater adoption and technical advancement, ensuring that resources are allocated to ecosystems with the most potential for growth and innovation.
This decision comes as the stablecoin sector continues to evolve rapidly, with major issuers and protocols competing for market share and adoption.
Tether’s move reflects a broader industry trend toward consolidation on blockchains that offer robust infrastructure, active developer communities, and strong user bases.
Tether has just taken on the role of a law enforcer and frozen the $85,877 USDt tied to stolen funds. While Tether CEO Paolo Ardoino has seen it own company as a crypto compliance enforcer, but the crypto community wasn't impressed, stating that Tether's might have over-stepped the line.
XingChiStablecoin giant Tether has stored a whopping $8 billion worth of gold in a private vault somewhere in Switzerland.
XingChiTether plans to become the world’s largest Bitcoin miner by the end of 2025, investing billions in mining operations across Latin America. This move aims to protect its large Bitcoin holdings and strengthen the network amid new regulatory challenges.
AnaisMajor cryptocurrency exchange Bybit has landed on the grounds of Georgia, making it the first exchange to have a full license to offer digital assets trading to local investors.
XingChiA scammer located in Nigeria has allegedly impersonated Steve Witkoff, the co-chair of the Trump-Vance Inaugural Committee, by making use of a barely noticeable type.
XingChiA7A5, a Russian ruble-backed stablecoin launched in Kyrgyzstan might be Russia's new found attempt to build at alternative payment system outside of the western financial rails.
XingChiThailand has approved a five-year income tax exemption on crypto trading profits from 2025 to 2029, applying to sales through licensed platforms. The move aims to spur blockchain innovation while maintaining investor protection through regulatory oversight.
CatherineA 26-year-old TikTok influencer and crypto trader was reportedly kidnapped in France and held for a €50,000 crypto ransom. But when the kidnappers found he had been all-in on XRP since 2018 and had little to show for it, they released him—allegedly sending $1,000 in USDT before letting him go.
KikyoShopify has teamed up with Coinbase and Stripe to let merchants in 34 countries accept USDC payments through its platform. The system uses Coinbase’s Base network and allows payouts in either USDC or local currency, with no cross-border fees.
WeatherlyYang Bin, former Forbes-ranked second-richest man in China, was sentenced to six years in prison in Singapore on 26 August for running a crypto Ponzi scheme that caused over $5 million in losses.
KikyoRussia is set to begin trials on 1 September 2024, to test cryptocurrency exchanges and digital token payments using its National Payment Card System. This initiative follows recent legislation legalising crypto mining and aims to address payment difficulties exacerbated by international sanctions.
AnaisViggle AI, which turns static images into animated videos, just secured $19 million in Series A funding led by Andreessen Horowitz (a16z) and Two Small Fish. The funds will drive its growth and innovation, while the company's use of YouTube data has sparked legal concerns.
JoyMeta CEO Mark Zuckerberg revealed that Facebook faced pressure from the Biden administration to censor COVID-19 content during the pandemic—a decision he now regrets. His admission has prompted varied reactions on X, highlighting a sense of missed opportunities.
CatherineGold surpassed $2,500 to reach a new all-time high, but it is still not close to the adjusted price that gold traded at in 1980. The safe-haven market is facing an innovation, and Bitcoin is no longer considered such an asset.
AlexPixelverse is launching the "Black Puma" NFT collection on the TON blockchain, featuring unique bot avatars with special skills and rewards. Early adopters and those completing tasks in the Pixelverse Dashboard and PixelTap have a higher chance of obtaining rare Black Puma bots.
WeatherlyCoinbase, following past outages, has introduced a new machine learning model to predict traffic spikes and scale resources automatically, aiming to prevent crashes during volatile market conditions. Its effectiveness will be tested in future fluctuations.
KikyoSingapore is emerging as a key hub for Bitcoin, driven by favourable regulations, rising digital literacy, and growing awareness of DeFi.
CatherineMeta is scaling back its high-end metaverse projects due to significant financial losses, including scrapping the La Jolla mixed-reality headset. Instead, the company will focus on more affordable VR devices like the Quest 3S and upcoming Orion AR glasses, aiming to make its technology more accessible.
AnaisThe TON Society has called on French authorities to release Telegram CEO Pavel Durov, denouncing his imprisonment as a violation of human rights and free speech. The letter also urges tech companies to resist state censorship, while crypto leaders worry about the broader impact on the digital asset landscape.
Catherine