Tether Discontinues Bitcoin Omni Layer Version of Stablecoin

Tether Halts Bitcoin Omni Layer Version

Tether, a prominent issuer of stablecoins, has announced the discontinuation of its Bitcoin Omni Layer version of Tether (USDT). This version was among the first stablecoins ever introduced to the market. The decision to halt comes amid a reported lack of user interest, prompting Tether to shift its focus from this platform.

Discontinuation of Other Versions

Alongside the Bitcoin Omni Layer version, Tether will also cease issuing new tokens on the Bitcoin Cash (BCH) and Kusama (KSM) networks. This strategic move reflects Tether’s ongoing assessment of platform viability and user engagement across different blockchain networks.

Future Redemption Plans

Although new issuance will stop, Tether ensures that redemptions will remain available for at least a year. The company plans to release further details on redemption processes before this period concludes, ensuring a smooth transition for current users holding these tokens.

Focus on Core Platforms

As Tether discontinues these versions, it is likely to concentrate on other core blockchain platforms that offer more significant user engagement and utility. This realignment allows Tether to optimize its resources and enhance the overall stability and reliability of its stablecoin offerings.

Implications for Users

Users holding Tether on the affected platforms are advised to stay informed about upcoming announcements regarding redemption procedures. Transitioning to other supported platforms may be necessary to maintain liquidity and access to Tether’s stablecoin benefits.

This decision underscores Tether's adaptive strategy in the evolving cryptocurrency landscape, ensuring its products meet market demands and user preferences effectively.