Tether announced it will discontinue support for its USDT stablecoin on five “legacy” blockchains, including Omni Layer, Bitcoin Cash SLP, Kusama, EOS, and Algorand.

According to the July 11 announcement, the move will become effective Sept. 1, ending redemptions and freezing remaining tokens on those networks.

The decision comes as part of what the company called an “infrastructure optimization” strategy, aiming to align with shifting community usage trends and refocus resources toward more active and scalable blockchains.

The move finalizes a phased withdrawal that began over the past two years. In 2023, Tether halted minting on Bitcoin Cash, Kusama, and Omni Layer and ended minting on Algorand and EOS (recently rebranded as Vaulta) last June.

Until now, however, it had continued to redeem tokens on these networks.

Tether CEO Paolo Ardoino said:

“As the digital asset ecosystem evolves, Tether remains committed to adapting alongside it. Sunsetting support for these legacy chains allows us to focus on platforms that offer greater scalability, developer activity, and community engagement, all key components for driving the next wave of stablecoin adoption.”

Tether emphasized that the five blockchains were instrumental in its early expansion but have seen a steep decline in USDT usage and trading volume in recent years. USDT remains the largest stablecoin in crypto with a market capitalization nearing $160 billion.

The company said it will prioritize emerging Layer 2 networks, such as the Lightning Network, and other high-utility chains to enhance interoperability, transaction speed, and ecosystem growth.

Tether advised customers to redeem their USDT holdings on the affected blockchains or request issuance on supported networks before the September cutoff. Holders not directly served by Tether can migrate through third-party service providers.

The stablecoin issuer added that it will continue exploring new integrations to broaden USDT accessibility globally and strengthen its infrastructure to meet evolving market demands.

The post Tether to sunset USDT redemptions on 5 ‘legacy’ networks including Bitcoin Cash, Algorand appeared first on CryptoSlate.

Tether announced it will discontinue support for its USDT stablecoin on five “legacy” blockchains, including Omni Layer, Bitcoin Cash SLP, Kusama, EOS, and Algorand.

According to the July 11 announcement, the move will become effective Sept. 1, ending redemptions and freezing remaining tokens on those networks.

The decision comes as part of what the company called an “infrastructure optimization” strategy, aiming to align with shifting community usage trends and refocus resources toward more active and scalable blockchains.

The move finalizes a phased withdrawal that began over the past two years. In 2023, Tether halted minting on Bitcoin Cash, Kusama, and Omni Layer and ended minting on Algorand and EOS (recently rebranded as Vaulta) last June.

Until now, however, it had continued to redeem tokens on these networks.

Tether CEO Paolo Ardoino said:

“As the digital asset ecosystem evolves, Tether remains committed to adapting alongside it. Sunsetting support for these legacy chains allows us to focus on platforms that offer greater scalability, developer activity, and community engagement, all key components for driving the next wave of stablecoin adoption.”

Tether emphasized that the five blockchains were instrumental in its early expansion but have seen a steep decline in USDT usage and trading volume in recent years. USDT remains the largest stablecoin in crypto with a market capitalization nearing $160 billion.

The company said it will prioritize emerging Layer 2 networks, such as the Lightning Network, and other high-utility chains to enhance interoperability, transaction speed, and ecosystem growth.

Tether advised customers to redeem their USDT holdings on the affected blockchains or request issuance on supported networks before the September cutoff. Holders not directly served by Tether can migrate through third-party service providers.

The stablecoin issuer added that it will continue exploring new integrations to broaden USDT accessibility globally and strengthen its infrastructure to meet evolving market demands.

The post Tether to sunset USDT redemptions on 5 ‘legacy’ networks including Bitcoin Cash, Algorand appeared first on CryptoSlate.