Tether halts support for Kusama, Bitcoin Cash SLP and Omni Layer

Key takeaways

Tether makes strategic modifications to its operations

Stablecoin issuer Tether announced on Thursday, August seventeenth, that it might discontinue help for Kusama, Bitcoin Money SLP and Omni Layer.

This latest cryptocurrency news comes regardless of Tether supporting Omni since 2014. Based on the stablecoin issuer, the choice was made as the corporate is making strategic modifications to its operations. 

Omni is a software program layer constructed atop the Bitcoin blockchain and it enhances the options of the community by offering good contract options. 

Tether has been supporting Omni for practically a decade however needed to discontinue because of an absence of demand. The Tether workforce stated;

“Through the years, the Omni Layer confronted challenges as a result of lack of standard tokens and the provision of USD₮ on different blockchains. This led many exchanges to favour various transport layers, resulting in a decline in USD₮ utilization on Bitcoin utilizing the Omni Layer.  As a principled group, we should stay constant and clear, and cling to open processes, even when it entails tough decisions.”

Tether information its first market cap decline in end-of-month since October

Tether has maintained its place as the biggest stablecoin on the planet. Nonetheless, the stablecoin has had minor troubles in latest weeks. 

Based on an August report by CCData, the market cap of USDT fell 0.62% to $83.3bn, recording the primary decline in end-of-month market cap for USDT since October 2022. 

Nonetheless, the market cap dominance of USDT rose to 67.1% from 66.7% with all the high stablecoins registering a decline in market cap in August.

Tether stated it can cease issuing its USDT stablecoin on Omni, Kusama and Bitcoin Money from August 17, whereas customers can proceed to redeem their tokens on the networks for the subsequent 12 months. 

Moreover, customers may swap USDT on these networks for different chains on platforms that help these property.