1. BITBILIHome
  2. Article

Tether ceases USDT support for Bitcoin, Kusama, and Bitcoin Cash blockchains

• 190 views

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.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

文章来源于互联网:Tether ceases USDT support for Bitcoin, Kusama, and Bitcoin Cash blockchains

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年8月18日 23:01
Next 2023年8月19日 00:41

Related articles

  • Sushiswap announces expansion to layer-1 blockchain Aptos

    TL;DR Breakdown Decentralized exchange SushiSwap has announced an expansion to layer-1 blockchain Aptos. Enhancing cross-chain trading with the move. Description SushiSwap, one of the pioneers in the decentralized exchange (DEX) space, has recently made a significant move by expanding its services to the Layer-1 blockchain Aptos. This strategic integration represents a milestone for SushiSwap as it marks its first foray into a blockchain ecosystem that is not compatible with the Ethereum Virtual Machine (EVM). Until … Read more SushiSwap, one of the pioneers in the decentralized exchange (DEX) space, has recently made a significant move by expanding its services to the Layer-1 blockchain Aptos. This strategic integration represents a milestone for SushiSwap as it marks its first foray into a blockchain ecosystem that is not compatible with the Ethereum Virtual Machine (EVM). Until now, SushiSwap had primarily operated on EVM-compatible blockchains, including Ethereum, Arbitrum, Base, Polygon, Fantom, BNB Chain, and others. SushiSwap keys into Aptos’ diversification plans This expansion to Aptos signifies the project’s ambition to diversify its cross-chain presence and unlock new opportunities for liquidity and growth. Aptos, the…

    Article 2023年9月12日

  • Russian Ruble seeing mild gains below $94 despite US dollar’s retreat

    TL;DR Breakdown The Russian Ruble (USD/RUB) is seeing mild upward movement around the 93.80 mark. The Ruble’s inability to capitalize on the US Dollar’s decline reflects traders’ concerns about potential economic challenges for the oil-rich nation. Description The Russian Ruble (USD/RUB) is seeing mild upward movement around the 93.80 mark, despite the US Dollar facing difficulties as Tuesday’s European session began.  Consequently, the Russian Ruble (RUB) is experiencing a second consecutive day of decline, reversing the gains observed last week. This shift can be attributed primarily to the unexpected interest rate increase … Read more The Russian Ruble (USD/RUB) is seeing mild upward movement around the 93.80 mark, despite the US Dollar facing difficulties as Tuesday’s European session began.  Consequently, the Russian Ruble (RUB) is experiencing a second consecutive day of decline, reversing the gains observed last week. This shift can be attributed primarily to the unexpected interest rate increase by the Central Bank of the Russian Federation (CBR). Notably, the pair’s relatively stronger performance indicates a higher uncertainty level in the Ruble than the US Dollar. The sentiment is…

    Article 2023年8月23日

  • Binance sheds 1,000 jobs worldwide amidst regulatory turmoil

    TL;DR Breakdown According to reports over 1,000 employees have been laid off in recent weeks, with the cuts being implemented globally.  Prior to these layoffs, Binance’s global headcount was estimated to be around 8,000.  The exchange has faced a series of setbacks where within a span of 30 days, Binance was ordered to halt operations in Belgium, was denied a license in the Netherlands, failed to obtain a crypto custody license in Germany, and lost its euro banking partner.  Description Binance, one of the largest cryptocurrency exchanges, is marking its sixth anniversary amidst recent reports of significant layoffs. The Wall Street Journal has revealed that over 1,000 employees have been laid off in recent weeks, with the cuts being implemented globally.  Customer service workers, particularly in India, have been heavily impacted. Prior to these layoffs, … Read more Binance, one of the largest cryptocurrency exchanges, is marking its sixth anniversary amidst recent reports of significant layoffs. The Wall Street Journal has revealed that over 1,000 employees have been laid off in recent weeks, with the cuts being implemented globally.  Customer…

    Article 2023年7月15日

  • Germany pushes for universal crypto oversight

    TL;DR Breakdown Germany emphasizes the need for global, consistent cryptocurrency regulations. European Union’s MiCA is a significant step, but localized rules are inadequate. Rupert Schaefer of BaFin likens crypto assets to unidentified flying entities needing monitoring. Description Amid the accelerated embrace of cryptocurrency regulations within the European Union, a pivotal voice emerges from the heart of Europe – Germany. The nation, known for its economic leadership, is making it clear: localized rules aren’t enough. It’s time to bring the world under a consistent and all-encompassing cryptocurrency regulatory umbrella. The EU’s Leap and … Read more Amid the accelerated embrace of cryptocurrency regulations within the European Union, a pivotal voice emerges from the heart of Europe – Germany. The nation, known for its economic leadership, is making it clear: localized rules aren’t enough. It’s time to bring the world under a consistent and all-encompassing cryptocurrency regulatory umbrella. The EU’s Leap and the World’s Lag While the European Union exhibited proactive measures with the approval of Markets in Crypto-Assets (MiCA), this landmark achievement doesn’t suffice. It’s a sentiment echoed by Rupert Schaefer,…

    Article 2023年9月20日

  • Wimbledon teams up with Andy Murray to launch a new NFT project

    TL;DR Breakdown Tennis tournament Wimbledon has teamed up with former champion Andy Murray to introduce a new NFT project. The project promises its NFT holders several mouth-watering perks. Description Wimbledon, the historic tennis tournament, has joined forces with former champion Andy Murray and digital artist Refik Anadol to introduce an official art NFT on the Ethereum blockchain. The groundbreaking digital art project, titled “The Exposition,” incorporates 18 years of Murray’s data, including his notable Grand Slam victories in 2013 and 2016, combined with unique … Read more Wimbledon, the historic tennis tournament, has joined forces with former champion Andy Murray and digital artist Refik Anadol to introduce an official art NFT on the Ethereum blockchain. The groundbreaking digital art project, titled “The Exposition,” incorporates 18 years of Murray’s data, including his notable Grand Slam victories in 2013 and 2016, combined with unique motion-capture sessions. This initiative marks a world-first fusion of digital art, sport, and data science. Wimbledon launched the project on Ethereum “The Exposition” NFT collection was made available for purchase on manifold.xyz to coincide with Murray’s second-round match…

    Article 2023年7月10日
TOP