Aaryamann Shrivastava
FXStreet
- Tether announced that starting August 17, USDT-Omni, USDT-Kusama, and USDT–BCHSLP minting will be ceased.
- Tether can redeem, and users can swap their USDT over the next 12 months.
- Tether’s demand continues to see a rise in comparison to other top stablecoins, with the circulating supply hitting an all-time high of $83.9 billion this month.
Tether is set to make a crucial change in an effort to strike a balance between maintainability, usage statistics, and community interest. The USDT issuer announced it would be ending mining for three blockchains, one of which it partnered with for nine years.
Tether brings USDT minting to an end for three chains
Tether announced that starting August 17, it would be ceasing the minting of USDT-Omni, USDT-Kusama, and USDT–BCHSLP. These are the USDT issued on Polkadot’s test chain Kusama, Bitcoin Cash SLP and Omni Layer. Of the three, Tether has supported the minting of the stablecoin the longest with Omni Layer, going back nine years since 2014.
Tether stated the reason was to ensure that the blockchain its stablecoin operates on has a thriving ecosystem, which was not the case with these three chains. However, the USDT issuer has reassured users of the chains that should the chains note increased utilization, Tether would be open to reconsidering the issuance of the stablecoin on it.
In its announcement addressing the ceasing of minting, Tether stated.
“We believe the market should decide which protocols and blockchains are utilized for the transfer of value. We will continue to support the protocols and chains that the community finds useful and encourage the community to expand the use cases of USD₮ on every protocol.
For the next 12 months, Tether will continue to redeem the USDT tokens issued on these chains and allow users to swap them for other chains.
USDT has seen a sharp increase in demand that, at one point, was in favor of USD Coin (USDC) over the past couple of months. Since March this year, USDT’s circulation has observed a rise, and as of this month, the circulating supply hit an all-time high of $83.9 billion.
USDT-USDC circulating supply
USDC, on the other hand, is down to $26.1 billion, losing its position as the fourth biggest crypto asset to Binance Coin (BNB) and Ripple (XRP).
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Chainlink social dominance hits six-month peak as LINK extends gains
-637336005550289133_XtraSmall.jpg)
Chainlink social dominance surged to a six-month peak on Friday as LINK holders increased their activity. LINK traders started taking profits, on-chain data trackers show. LINK price added 6% on Friday, extending its gains from mid-week.
Binance helps Taiwan crack a virtual asset money laundering case, BNB sustains above $570
Binance’s Financial Crimes Compliance (FCC) department joined forces with Taiwan’s Ministry of Justice and helped resolve a case of money laundering worth NT$200 million, or $6.2 million.
Bitcoin Weekly Forecast: Is BTC out of the woods? Premium
Bitcoin price shows signs of continuing its uptrend, providing a buying opportunity between $64,580 to $63,095. On-chain metrics forecast a bullish outlook for BTC ahead. If BTC clears $70,000, the chances of resuming the uptrend would skyrocket.
XRP trades steady at $0.50 as Ripple shares plan to expand services in Africa
Ripple hovers close to $0.51 on Friday, above the psychologically important $0.50 level, as traders await the court ruling of the lawsuit against the US Securities and Exchange Commission and amid new commitments from the firm to expand its services in Africa.
Bitcoin: Is BTC out of the woods? Premium
Bitcoin (BTC) price action in the past two days has confirmed the resumption of the bull run. However, BTC needs to clear a few key hurdles before investors can go all-in.