Tether (CRYPTO: USDT) Thursday announced that it will discontinue its support for USDT on the Bitcoin (CRYPTO: BTC), Kusama (CRYPTO: KSM), and Bitcoin Cash (CRYPTO: BCH) blockchains.
What Happened: The stablecoin issuer evaluated the current transport layers and determined their relevance in the blockchain ecosystem.
The Omni Layer, which was Tether’s initial transport layer in 2014, played a pivotal role in its early stages. But it witnessed challenges due to the absence of popular tokens and the rise of USDT on other blockchains.
This shift led to a noticeable decrease in USDT usage on Bitcoin via the Omni Layer.
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Tether remains optimistic about the potential of the Omni Layer, especially its decentralized exchange and token issuance protocol. Increased adoption of these features could pave the way for reconsidering the issuance of USDT on Bitcoin via Omni in the future.
Tether remains committed to the Bitcoin ecosystem, mentioning its active contribution to the development of RGB, a system operating on Bitcoin’s Layers 2 and 3.
RGB will introduce a new phase for digital assets and smart contracts.
Users have the option to swap the affected USDT tokens for other chains on supporting platforms, including Bitfinex.
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