Tether REMOVES Support For Bitcoin

By Vince • August 17, 2023 10:46 am • Comments

Tether recently announced that it will be ending support for USDT on Bitcoin and BTC-related protocols and layers such as Omni.

The world’s largest stablecoin issuer cited a lack of demand for their stablecoin on the Bitcoin network, as well as Polkadot’s Kusama test chain.

On Thursday, Tether announced: “Tether makes strategic decision, to meet community demands. After careful consideration, Tether will discontinue support for the Kusama, Bitcoin Cash SLP, and Omni Layer (redemptions and chain-swaps will proceed as normal).”

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Chain Review asked: “Big changes ahead for Tether as it waves goodbye to Omni, Kusama, and Bitcoin Cash. Major shift or Titanic mistake?”

 

CoinDesk presented these numbers:

Tether is the largest stablecoin with a market cap of $82 billion, of which $240 million worth of tokens are issued on the Omni layer while $1.4 million and $980,000 are issued on Kusama and Bitcoin Cash respectively, according to Tether’s transparency report.

Colin Wu further clarified Tether’s recent announcement: “Tether has announced that it will stop minting and issuing USDT on Polkadot test chain Kusama, Bitcoin Omni, and BCH. Users can swap USD₮-Omni, USD₮-Kusama, and USD₮-BCH-SLP to other chains on platforms that support these assets (such as Bitfinex).”

In response to the recent announcement, one user speculated: “The uncertain future of Polkadot and Kusama lies ahead.”

 

The Block explained:

Tether will cease minting of USDT-Omni, USDT-Kusama and USDT–BCHSLP from August 17. However, users can still redeem the tokens as usual for at least the next 12 months

Tether said it was also actively contributing to RGB — a smart contracts system operating on Bitcoin’s Layer 2 and 3 — and would return to issuing the stablecoin on Bitcoin once USDT on RGB goes live.

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