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The organization responsible for the leading stablecoin by market capitalization, Tether, has officially ceased support for three distinct blockchains. On Thursday, the stablecoin issuer discontinued the minting of USDT on Kusama (KSM), the Simple Ledger Protocol of Bitcoin Cash (BCH), and Omni Layer (OMNI).
Tether asserts that community interest is vital when deciding to integrate USDT into various blockchains. “We thoroughly evaluate the efforts required to ensure the security, usability, and sustainability of the selected blockchain, considering factors such as security, customer support, compliance, and regulatory oversight. If a blockchain faces ongoing traction challenges and shows no signs of improvement in usage metrics, maintaining support becomes unfeasible and may jeopardize security and oversight.
Kusama acts as the canary test network for the Polkadot (DOT) interoperability blockchain. The SLP serves as a token system for the Bitcoin Cash network, which is a hard fork of the original Bitcoin (BTC).
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Omni Layer was launched in 2013 as one of the earliest sidechain protocols for Bitcoin, designed to enhance the functionality of the leading cryptocurrency. It was also the first chain on which Tether issued USDT.
Paolo Ardoino, Tether’s chief technology officer, mentioned that the stablecoin issuer found it particularly challenging to discontinue support for Omni. “This decision is particularly painful for us, especially considering the Omni Layer was the original transport layer for Tether USDT back in 2014.
Over time, the Omni Layer has faced challenges due to the absence of well-known tokens and the availability of USDT on other blockchains. Consequently, the utilization of USDT on Bitcoin via the Omni Layer diminished as more exchanges preferred alternative transport layers.
As an ethical organization, we must uphold consistency, transparency, and adherence to open processes, even if it necessitates making difficult decisions. In the past 24 hours, BCH has declined by over 14%, while KSM has dropped by more than 7%.
The post Tether (USDT) Halts Support for Kusama, BCH SLP, and Omni Chains appeared first on BitcoinWorld.
