Tether Abandons Plan To Freeze USDT On Five Chains
Tether has decided not to freeze USDT smart contracts on five blockchains: Omni, Bitcoin Cash SLP, Kusama, EOS, and Algorand. This decision comes after feedback from the communities of these chains. While users can still transfer USDT on these blockchains, direct issuance and redemption will cease, with Tether no longer officially supporting these tokens as they do for others. The plan to halt support was initially set for September 1. Tether is focusing on ecosystems with strong developer activity and user demand, specifically Tron and Ethereum, which have the largest circulating supplies of USDT. The circulation figures show $80.9 billion on Tron and $72.4 billion on Ethereum, while the affected blockchains hold significantly less, particularly Omni Layer, which has $82.9 million in USDT. The shift in Tether’s strategy has been developing over two years, aligning with a broader trend in the stablecoin market, which is expected to grow significantly in the coming years.
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