Tether Discontinues USDT Support on Five Blockchains
Tether, the issuer of the largest stablecoin USDT, will cease support for USDT on five blockchains: Omni Layer, Bitcoin Cash SLP, Kusama, EOS (now Vaulta), and Algorand. This change takes effect on September 1 as part of Tether‘s strategy to prioritize more scalable and widely-used platforms.
Strategic Shift Toward Scalability
The decision follows Tether’s earlier moves to reduce support for these networks. In August 2023, Tether stopped issuing USDT on Omni Layer, Kusama, and Bitcoin Cash SLP. Minting on EOS and Algorand was halted in June 2024. Paolo Ardoino, Tether’s CEO, explained: “We’re focusing our resources on blockchains that demonstrate strong scalability, developer activity, and community engagement.”
User Impact and Transition
Users of Algorand will face no disruption, as Tether discontinued new USDT issuance there last year. The Algorand Foundation noted that stablecoin activity on their network has grown during this transition period.
Market Implications
With a $139.4 billion market capitalization, USDT remains the dominant stablecoin. The affected blockchains collectively represent a small portion of USDT’s circulation:
- Omni Layer: $82.9 million
- EOS: $4.2 million
- Bitcoin Cash SLP: $986,500
- Kusama: $240,000
- Algorand: $841,600
This strategic refinement reflects Tether’s focus on operational efficiency while maintaining its market-leading position.
