According to the latest Tether release, the Bitcoin Omni Layer, Bitcoin Cash, and Kusama networks will no longer support the creation of new Tether coins.
In light of declining demand, stablecoin issuer Tether has announced that it would no longer be supporting the Bitcoin Omni Layer version. As one of the early stablecoins, this version of Tether is significant in cryptocurrency history.
Tether announced on August 17 that it will cease operations for its Bitcoin Cash and Kusama variants in addition to the Bitcoin version.
Nonetheless, the redemption process will be available for at least a year, and the corporation will offer information about the method for redemptions beyond that time before the conclusion of that term. In October 2014, Tether made history by being the first stablecoin on the Omni Layer.
Over time, it surpassed earlier stablecoin market leaders like BitUSD and NuBits in terms of market value. Tether released a statement on August 17 thanking the developers of Omni Layer Tether for their hard work and lauding the platform’s historic significance.
While this was acknowledged, it was also acknowledged that the absence of popular tokens and the availability of USDT on rival blockchains presented difficulties for the Omni Layer.
Due to these issues, trading platforms began to choose alternative transport layers over Omni, leading to a decline in USDT Omni’s use and Tether’s decision to stop issuing the token.
However, Tether left the option open for the return of the Omni Layer version should the platform’s popularity ever rise again.
Tether plans to reinsert the token on the Bitcoin network after the work is done, this time in an RGB form. Tether will have to fight harder in 2023 to keep its position as the dominant stablecoin.
Tether’s value has been under increasing scrutiny since August 7 when PayPal’s PYUSD was released and July 26 when Binance listed FDUSD.
Wallets