Tether 'terminates' USDT on 5 blockchains, focuses efforts on Ethereum and TRON

#Tether – the largest stablecoin issuer in the world – has officially announced that it will stop supporting USDT on 5 blockchains including Algorand, Bitcoin Cash, EOS, Kusama, and Omni due to low usage levels and unreasonable maintenance costs.

Starting from 01/09, Tether will cease conversions and freeze all remaining USDT on these chains. Users are advised to convert #USDT to cash or switch to another blockchain soon.

Notably, Omni – the platform linked to the history of USDT since 2014 – is also on the 'termination' list due to negligible transaction volume. Meanwhile, blockchains like TRON and Ethereum still dominate with a total supply of 156.5 billion USD USDT, accounting for over 95% of the total circulating USDT.

CEO Paolo Ardoino stated that Tether will focus on stronger development in blockchains 'with vibrant communities, significant expansion potential, and high interaction' to bolster USDT's position against the increasingly fierce competition from $USDC of Circle – especially as the U.S. prepares to tighten stablecoin regulations.

This move also hints at the possibility that Tether will issue a native USDT for the U.S. market to avoid repeating the scenario of restrictions seen in Europe under the MiCA law.

The stablecoin market remains a fierce battleground, and Tether is restructuring to maintain its throne.

Crypto investment carries high risks; investors need to consider carefully.