Tether Stops Printing on Three Cryptocurrency Networks! "No Signs of Recovery"

A new announcement has come from Tether, the largest stablecoin with a market capitalization of $82 billion.

Tether Kusama has announced that it will end support for Bitcoin Cash SLP and Omni Layer applications. According to the announcement;

“Tether will stop printing USD₮-Omni, USD₮-Kusama and USD₮–BCHSLP from August 17, 2023.

Tether will continue to use USD₮-Omni, USD₮-Kusama and USD₮-BCH-SLP as normal for at least the next 12 months. Tether may evaluate and announce further changes during this time.

Users can also exchange USD₮-Omni, USD₮-Kusama, and USD₮-BCH-SLP for other chains on platforms that support these assets, such as Bitfinex.”

Tether explained the rationale for this decision as follows:

“If a blockchain lacks significant traction for an extended period of time and shows no signs of improvement in usage indicators, maintaining support becomes inefficient and can compromise security and surveillance.

Therefore, after careful consideration, Tether will begin a strategic transition by discontinuing support for Kusama, Bitcoin Cash SLP and Omni Layer applications.”