Tether Drops USDT Support on Five Blockchains by September 1

Tether, the leading issuer of the stablecoin USDT, has announced a strategic decision to discontinue support for its stablecoin on five specific blockchains. This move is aimed at optimizing its infrastructure and focusing on platforms that better serve its user base and align with current market trends. The affected blockchains include Omni Layer, Bitcoin Cash's Simple Ledger Protocol (SLP), Algorand, Kusama, and EOS. These platforms, while foundational in Tether's early growth, have seen a significant decline in USDT volume over the past two years.

By September 1, Tether will cease USDT redemptions and freeze the remaining tokens on these blockchains. This decision follows a comprehensive review of blockchain usage data, market demand, and feedback from community stakeholders and partners. Tether's CEO, Paolo Ardoino, highlighted the company's commitment to adapting to the evolving digital asset ecosystem. He stated that by ending support for these legacy chains, Tether can focus on platforms that offer greater scalability, developer activity, and community engagement, which are crucial for driving the next wave of stablecoin adoption.

Users of USDT on the affected blockchains are advised to redeem their tokens or request issuance on supported blockchains as soon as possible. Alternatively, they can migrate their holdings to supported chains via service providers, in accordance with the terms of those platforms. Tether remains open to collaborating with innovative ecosystems and is willing to expand USDT support on scalable networks. The company is shifting its focus towards layer-2 and decentralized finance-native chains that demonstrate robust user activity, developer engagement, speed, improved interoperability, and ecosystem growth.

This strategic move allows Tether to reallocate resources from underutilized blockchains to those that better serve its goals. The company is also expanding its business beyond stablecoins, with ambitions to become the world’s largest Bitcoin miner by the end of the year. This decision underscores Tether's commitment to maintaining the stability and reliability of its stablecoin, ensuring it continues to meet the evolving needs of the cryptocurrency market.