Tether is closing the redemption starting on 1 September on the five Legacy blockchain for USDT (USDT). Announced On Friday. The move affects users from Omni layer, bitcoin cash SLP, Kusma, EOS (now Walta), and Algorand.
“Sunsetting support for these heritage chains allows us to focus on platforms that offer greater scalability, developer activity and community engagement,” Tithar CEO Paolo Erdoino said in a statement.
The tather’s sunsetting of support for these special blockchains has been working for some time. In August 2023, the company announced that it will no longer happen Issuing USDT on OMNI layerKusma, and bitcoin cache SLP. In June 2024, tithit EOS and Algorand stopped obstruction,
According to USDT cointelegraph indexes, $ 139.4 billion is the largest stabelcoin in circulation with market capitalization. USDT balance review in affected blockchain Show The OMNI layer has a net circulation of $ 82.9 million USDT, while other networks have a small participation: bitcoin cash SLP with $ 986,500, Kusma with $ 240,000, with EOS 4.2 million, and algorand with $ 841,600.
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Users on Algorand should not experience any disruption ‘
According For Difilama, USDT is the third most popular Stabelcoin on Algorand blockchain. The USD coin (USDC) released by Tithar’s main competitive circle is the most popular Stabelcoin, which is accounting for about $ 73 million more in the market cap on the Algorand network.
A representative of the Algorand Foundation told Cointelgraph, “Our users should not experience any disruption, given that Tither decided to stop the offer of Tithi on Algorand last year.” “At that time, he gave customers a year to fulfill the redemption. In the same year, we have only seen our stabechoin volume growing.”
According For data from token terminal, Algorand’s revenue was $ 42,300 in the last 30 days. Blockchain companies often earn money through transaction fees.
Tather said that at least the OMNI layer was closed for the layer, due to the lack of USDT use on the network.
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