Tether announced it will cease support for its USDT stablecoin on five blockchains effective September 1, including Bitcoin Cash, Algorand, and Kusama, freezing remaining assets on these networks. This decision follows Tether's earlier move to stop minting USDT on Algorand and EOS, with a focus now on optimizing its infrastructure and refocusing resources towards more active and scalable blockchains. Tether CEO Paolo Ardoino emphasized the need to adapt to the evolving digital asset ecosystem, aiming for greater developer activity and community engagement. USDT holders on the affected blockchains are encouraged to redeem their tokens or request issuance on supported networks as Tether shifts its priorities away from these legacy platforms, now looking towards supporting layer-2 networks and developing blockchain ecosystems. Having nearly a $160 billion market cap, USDT remains the largest stablecoin in the crypto market.

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