Tether to End USDT Redemptions on Bitcoin Cash, Algorand and Beyond

Stabile institutions Connect ends its USDT support for five block chains with effect from 1 September, the company Announced on FridayThe termination of repayments and freezing the remaining assets on those block chains.

Last June, the company ended his smint function on Algorand and EOS (now called Vaulta)Which means that it would no longer give new stablecoins on those chains. In 2023 it announced the same for Bitcoin Cash, Kusama and Omni Layer Protocol.

Now Tether has given a hard end date on his stablecoin support on the group of five “legacy” block chains as part of his efforts to optimize “infrastructure, to be in accordance with trends in the community and to reorient resources in the direction of High Utility, actively developed Blockchains.”

The company acknowledged that although the networks supported the early growth of Tether, the share of the trade volume for its Stablecoin has fallen dramatically in recent years.

“As the ecosystem of digital assets evolves, Tether remains committed to adapting,” said Tether CEO Paolo Ardoinino in a statement. “Sunteting -support for these Legacy chains enables us to concentrate on platforms that offer more scalability, developer activity and community involvement -all important components for stimulating the next wave of the adoption of Stablecoin.”

Holders of USDT on the aforementioned block chains are encouraged to exchange their tokens as quickly as possible, or ask for an issue of USDT on a supported blockchain.

In the future, it is planning to concentrate support for Layer-2 networks and grow blockchain ecosystems.

Stablecoins have lately been an important theme in the crypto industry, emphasized by the American urge for regulatory clarity for the tokens with the brilliant action. US Treasury Secretary Scott Bessent recently suggested that the tokens – which are usually anchored for the price of the US dollar – can Help to strengthen the supremacy of the US dollar.

Tether’s USDT Stablecoin is the largest stablecoin in crypto with almost $ 160 billion in stablecoins in circulation according to the data of the market capitalization of Coingecko.