Tether, the issuer of the world’s largest stablecoin, announced on Friday that it will discontinue redemptions for USDt (USDT) on five legacy blockchains beginning September 1. The affected networks are Omni Layer, Bitcoin Cash SLP, Kusama, EOS (now known as Vaulta), and Algorand.
The move comes as part of Tether’s ongoing efforts to optimize its blockchain footprint by focusing on platforms that offer stronger scalability, active developer ecosystems, and more vibrant communities.
Strategic Focus on High-Performance Platforms
“Sunsetting support for these legacy chains allows us to focus on platforms that offer greater scalability, developer activity, and community engagement,” said Paolo Ardoino, CEO of Tether.
This phase-out has been unfolding over the past year. In August 2023, Tether stopped issuing new USDt on the Omni Layer, Kusama, and Bitcoin Cash SLP. By June 2024, minting was also halted on EOS and Algorand.
Current USDt Exposure on Discontinued Chains
While USDT remains the most dominant stablecoin globally—with a market capitalization of $139.4 billion, according to Cointelegraph indexes—its footprint on the discontinued blockchains is relatively small.
Here’s a breakdown of USDT currently circulating on the affected platforms:
- Omni Layer: $82.9 million
- EOS: $4.2 million
- Bitcoin Cash SLP: $986,500
- Algorand: $841,600
- Kusama: $240,000
What This Means for Users
Tether has not issued any new USDT on these blockchains for several months, and the upcoming discontinuation of redemptions is the final step in the sunsetting process. Users holding USDT on these platforms will need to migrate their tokens to supported networks to maintain full functionality.
As blockchain infrastructure continues to evolve, Tether appears to be aligning its strategy with the most resilient and scalable ecosystems, signaling a clear shift toward networks that can handle increased demand and developer engagement.
