tl;dr
Tether will end support for its USDT token on five blockchains starting September 1, ceasing redemptions and freezing assets on those platforms. This follows earlier discontinuations on Algorand, EOS, Bitcoin Cash, Kusama, and the Omni Layer Protocol. The move aims to optimize infrastructure by focu...
Stablecoin issuer Tether has announced it will end support for its USDT token on five blockchains effective September 1. This move will cease redemptions and freeze remaining assets on those blockchains. Previously, in June, Tether stopped minting new stablecoins on Algorand and EOS (now Vaulta), and in 2023 it did the same for Bitcoin Cash, Kusama, and the Omni Layer Protocol.
Tether is discontinuing support for these “legacy” blockchains to optimize infrastructure, align with user trends, and focus on more actively developed blockchains that offer higher utility. The firm noted that while these networks once contributed significantly to Tether’s growth, the trading volume on them has dropped sharply in recent years.
Paolo Ardoino, CEO of Tether, emphasized the company’s commitment to adapt as the digital asset ecosystem evolves. He pointed out that focusing on platforms with better scalability, developer activity, and community engagement is essential to driving the future adoption of stablecoins.
Users holding USDT on the affected blockchains are urged to redeem their tokens promptly or swap to a supported blockchain. Going forward, Tether plans to concentrate support on layer-2 networks and emerging blockchain ecosystems, reflecting broader industry trends.
Stablecoins continue to be central in the crypto industry, particularly amid ongoing regulatory discussions in the U.S., including the GENIUS Act that seeks clarity on digital tokens. U.S. Treasury Secretary Scott Bessent has highlighted the potential for stablecoins to reinforce U.S. dollar dominance.
Tether’s USDT remains the largest stablecoin by market capitalization, with around $160 billion minted, underscoring its critical role in the cryptocurrency landscape.