Tether USDT Redemptions Will Be Stopped on Multiple Blockchains in 2025
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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.
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.
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