TL;DR Breakdown
- Tether is ending USDT blockchain support for Bitcoin, Kusama, and Bitcoin Cash.
- Tether’s decision aims to ensure the safety and longevity of chosen blockchains.
- Users can still exchange their tokens for USDT on alternative networks through exchanges like Bitfinex.
Description
Tether, a prominent stablecoin issuer, has announced its decision to discontinue USDT blockchain support for Bitcoin, Kusama, and Bitcoin Cash, citing a meticulous evaluation of factors encompassing security, compliance, and customer support. This move reflects Tether’s commitment to ensuring the safety and longevity of chosen blockchains, optimizing maintenance efficiency, and avoiding compromises in security and … Read more
Tether, a prominent stablecoin issuer, has announced its decision to discontinue USDT blockchain support for Bitcoin, Kusama, and Bitcoin Cash, citing a meticulous evaluation of factors encompassing security, compliance, and customer support. This move reflects Tether’s commitment to ensuring the safety and longevity of chosen blockchains, optimizing maintenance efficiency, and avoiding compromises in security and oversight.
As of August 17, Tether will halt the issuance of USDT-Omni, USDT-Kusama, and USDT-BCHSLP coins. Users can swap their tokens for USDT on alternate networks via exchanges such as Bitfinex. It is affirmed that the token redemption process will continue as usual for a minimum of 12 months.
Tether’s initial foray into stablecoin issuance occurred in 2014 on the Bitcoin network using the Omni Layer. However, due to the emergence of stablecoin options on different blockchains, demand for USDT on the Omni Layer has waned in recent years. Tether is open to reinstating USDT on Bitcoin through the Omni Layer, contingent on a substantial resurgence in the use of the decentralized exchange and token issuance protocol furnished by the Omni Layer.
A significant development highlighted in Tether’s statement is the forthcoming operationalization of USDT on RGB. This smart contracts system operates on Bitcoin’s Layer 2 and 3, offering an innovative solution for producing stablecoins on the Bitcoin network. Once RGB becomes fully functional, Tether intends to revive the issuance of the stablecoin on Bitcoin.
In the interim, Tether’s decision to cease blockchain support for Kusama, Bitcoin Cash’s SLP, and Omni Layer’s implementations demonstrates the company’s strategic stance towards streamlining its operations and focusing on blockchains that exhibit sustained momentum and utility.
Furthermore, Tether has clarified that this move aligns with its ongoing commitment to meet the evolving demands of the digital asset landscape and its participants. The decision underscores the dynamic nature of the blockchain ecosystem and the imperative of adaptability in maintaining the integrity and effectiveness of stablecoin offerings.
Tether’s withdrawal of USDT support from select blockchains underscores its commitment to operational efficiency and security. This shift paves the way for future innovations, such as integrating USDT on the RGB smart contracts system.
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