News

Tether USDT Redemptions Will Be Stopped on Multiple Blockchains in 2025

July 11, 2024 - Around 2 mins mins to read

Key Points:

  • Tether USDT redemptions will end on Omni, Kusama, SLP, EOS, and Algorand blockchains by September 1, 2025.
  • The decision aims to enhance security and efficiency, focusing resources on innovation across the crypto landscape.
  • Users are urged to redeem their USDT and EURT holdings on affected networks before the sunset date to facilitate a smooth transition.
Tether, the leading stablecoin issuer, has announced plans to phase out support for USDT and EURT on several blockchain networks, effective September 1, 2025.
Tether USDT Redemptions Will Be Stopped on Multiple Blockchains in 2025

Read more: Tether and Taipei Tech Unite to Transform Blockchain and Digital Asset Education!

Tether USDT Redemptions for USDT and EURT Terminated on Multiple Blockchains

The discontinuation of Tether USDT redemptions affects networks including Omni, Kusama, SLP, EOS, and Algorand. It marks a strategic shift by Tether to optimize resource allocation towards enhancing security and efficiency within the crypto landscape.

Omni, known for its smart contract capabilities on top of the Bitcoin blockchain, has been a key platform for Tether’s stablecoin operations. Alongside Omni, Tether USDT redemptions on Kusama, SLP, EOS, and Algorand will also stop, users need to initiate redemption processes to preserve assets.

Tether’s $112 Billion Market Cap and Token Distribution

Earlier announcements by Tether highlight plans to discontinue support for Omni, Kusama, and Bitcoin Cash SLP implementations by August 2023. The move reflects Tether’s commitment to streamlining operations amidst its substantial $112 billion market capitalization, detailed in recent transparency reports. Notably, $130 million worth of tokens resides on the Omni layer, with smaller sums on Kusama and Bitcoin Cash.

Last month, Tether announced it would stop supporting the EOS and Algorand (ALGO) by stopping the issuance of USDT on both blockchains. Despite halting news releases on EOS and Algorand, Tether permits existing USDT holdings on these networks to be exchanged within the next year.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Algorand

EOS

EURT

Kusama

SLP

Tether

Tether USDT Redemptions

USDT

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Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

Tether USDT Redemptions Will Be Stopped on Multiple Blockchains in 2025

Key Points:

  • Tether USDT redemptions will end on Omni, Kusama, SLP, EOS, and Algorand blockchains by September 1, 2025.
  • The decision aims to enhance security and efficiency, focusing resources on innovation across the crypto landscape.
  • Users are urged to redeem their USDT and EURT holdings on affected networks before the sunset date to facilitate a smooth transition.
Tether, the leading stablecoin issuer, has announced plans to phase out support for USDT and EURT on several blockchain networks, effective September 1, 2025.
Tether USDT Redemptions Will Be Stopped on Multiple Blockchains in 2025

Read more: Tether and Taipei Tech Unite to Transform Blockchain and Digital Asset Education!

Tether USDT Redemptions for USDT and EURT Terminated on Multiple Blockchains

The discontinuation of Tether USDT redemptions affects networks including Omni, Kusama, SLP, EOS, and Algorand. It marks a strategic shift by Tether to optimize resource allocation towards enhancing security and efficiency within the crypto landscape.

Omni, known for its smart contract capabilities on top of the Bitcoin blockchain, has been a key platform for Tether’s stablecoin operations. Alongside Omni, Tether USDT redemptions on Kusama, SLP, EOS, and Algorand will also stop, users need to initiate redemption processes to preserve assets.

Tether’s $112 Billion Market Cap and Token Distribution

Earlier announcements by Tether highlight plans to discontinue support for Omni, Kusama, and Bitcoin Cash SLP implementations by August 2023. The move reflects Tether’s commitment to streamlining operations amidst its substantial $112 billion market capitalization, detailed in recent transparency reports. Notably, $130 million worth of tokens resides on the Omni layer, with smaller sums on Kusama and Bitcoin Cash.

Last month, Tether announced it would stop supporting the EOS and Algorand (ALGO) by stopping the issuance of USDT on both blockchains. Despite halting news releases on EOS and Algorand, Tether permits existing USDT holdings on these networks to be exchanged within the next year.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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