In an attempt to double down on platforms that better serve its user base, the largest stablecoin issuer, Tether, has decided to wind down support for its flagship product, USDT, on five blockchains.
According to a blog post by the company, the blockchains to be affected include Omni Layer, Bitcoin Cash Simple Ledger Protocol (SLP), Algorand, Kusama, and EOS.
Tether to Wind Down USDT Support
Omni Layer is a Bitcoin-based software protocol, while Algorand, Kusama, and EOS are Proof-of-Stake layer-1 networks. SLP was built on Bitcoin Cash to enable users to create and manage custom tokens.
Tether said these platforms played a foundational role in its growth; however, their USDT volume has significantly plummeted in the last two years. By September 1, the stablecoin company will discontinue USDT redemptions and freeze the remaining tokens on these blockchains.
The decision is part of Tether’s efforts to optimize infrastructure and channel its resources toward actively developed blockcha
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