Tether, the prominent player behind the top stablecoin, $USDT, has announced a significant development. As a part of Tether’s infrastructure review, the stablecoin issuer has declared to wind down support for $USDT on Algorand, EOS, Kusama, Bitcoin Cash SLP, and Omni Layer. The platform disclosed this development in a recent press release shared on its official web portal.

Tether to End Support for $USDT on Algorand, EOS, Kusama, Bitcoin Cash SLP, and Omni Layer

By stopping $USDT support on Algorand, EOS, Kusama, Bitcoin Cash SLP, and Omni Layer, Tether intends to optimize its infrastructure. In this respect, the platform is aligning with the community utility trends, refocusing resources toward actively developed and high-utility blockchains. This decision reportedly comes after a thorough review of market demand, blockchain utility data, and feedback from infrastructure partners and community stakeholders.

Though these networks reportedly played a crucial role in the early growth of Tether, their current position is not quite optimistic. Hence, the $USDT circulating volume on these ecosystems has dropped substantially over past couple of years. Tether’s CEO, Paulo Ardoino, also spoke on this development. The executive asserted that, admit the evolution of the digital asset sector, Tether is still committed to adapting accordingly.

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Ardoino added that winding down support on the aforementioned blockchains enables Tether to focus on the other platforms that provide enhanced scalability, community engagement, and developer activity. These are the chief factors to push the next phase of the wider stablecoin adoption. In addition to this, the decision also highlights Tether’s strategic focus on backing L2 networks like Lightning Network and the rest of the emerging chains. This shift toward these networks focuses on leveraging their improved ecosystem growth, speed, and interoperability.

Stablecoin Issuer Persuades $USDT Holders on Legacy Chains to Extract Holdings

According to Tether, following this decision, users holding $USDT tokens on Algorand, EOS, Kusama, Bitcoin Cash SLP, and Omni Layer should withdraw holdings without any delay. Hence, they should request the issuance of their $USDT holdings on the respective chains. Along with that, the stablecoin issuer is making continuous integrations and collaborations with cutting-edge chains to expand $USDT’s utility and accessibility.