Tether abandons the buyouts for the USDT (USDT) on five blockchains inherited from September 1, the company announced on Friday. This decision affects users of Omni Layer, Bitcoin Cash SLP, Kusama, EOS (now Vaulta) and Algorand.
“Support for sunset for these inherited channels allows us to focus on platforms that offer greater scalability, developer activity and community commitment,” said Paolo Ardoino, CEO of Tether, in a press release.
Tether’s sunset of these particular blockchains has been in preparation for some time. In August 2023, the company announced that it no longer emitted USDT on the OMNI, Kusama and Bitcoin Cash SLP layer. In June 2024, the attachment interrupted the strike on EOS and Algorand.
The USDT is the largest stablecoin in circulation with a market capitalization of $ 139.4 billion according to Cointtelegraph indices. An examination of the USDT sales through affected blockchains shows that the OMNI layer has net traffic of $ 82.9 million USDT, while other networks have a smaller participation: Bitcoin Cash SLP with $ 986,500, Kusama with $ 240,000, EOS with $ 4.2 million and Algorand with $ 841,600.
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Users on algorands “should not undergo any disturbance”
According to Defillama, the USDT is the third most popular step on the Algorand blockchain. USD Coin (USDC), issued by the main circle of the competitors of Tether, is the most popular stable, representing nearly $ 73 million more in market capitalization on the Algorands network.
“Our users should not undergo any disruption, since Tether has made the decision to stop offering Tether on Algorand last year,” a representative of the Algorand Foundation said in Cointelegraph. “At the time, they gave customers for a year to finish the buyouts.
According to data from the token terminal, Algorand’s revenues amounted to $ 42,300 in the last 30 days. Blockchain companies often earn money through transaction costs.
Tether said that the judgment, for at least the Omni layer, was due to the lack of use of the USDT on the network.
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