Tether, the company behind the world’s largest stablecoin USDT, has discarded its plans to completely sunset USDT operations on five blockchains—Omni Layer, Bitcoin Cash SLP, Kusama, EOS, and Algorand. The crypto company announced the initial plan to disable its stablecoin support on these legacy chains in July, citing a shift in its business strategy.
Tether justified this earlier decision with the claim of aligning its operations with the current shift in user behavior and increased focus on more scalable, actively developed blockchain networks. Also, the dwindling activity on some of these ecosystems was highlighted as one of the reasons behind freezing USDT operations.
The media release read:
Following the feedback from the communities of these discontinued blockchains, Tether has revised this approach and will not freeze the smart contracts on these networks. While users will still be able to transfer the tokens between wallets, Tether will discontinue direct issuance and redemption on these blockchains. This means the tokens will no longer be officially supported as other Tether tokens.
According to the crypto company, this revised plan correlates with the broader strategy to expand support for crypto ecosystems with strong developer activity, scalability, and user demand. “Tether remains committed to a smooth transition and will continue to engage with the community to ensure transparency and clarity throughout this process,” the stablecoin issuer added.
As of this writing, the total market capitalization of Tether’s USDT stands at roughly $167.4 billion, according to data from CoinGecko.
