Tether has announced the cessation of USDt (USDT) redemptions on five legacy blockchains, effective September 1. This decision impacts users on Omni Layer, Bitcoin Cash SLP, Kusama, EOS (now Vaulta), and Algorand. Tether's CEO, Paolo Ardoino, stated that this move allows the company to concentrate on more scalable and engaging platforms. The plan to phase out support for these blockchains has been in progress, with prior announcements made in August 2023 regarding the Omni Layer, Kusama, and Bitcoin Cash SLP, and a halt on minting for EOS and Algorand in June 2024. USDt remains the largest stablecoin, boasting a market cap of $139.4 billion. Current balances show Omni Layer with $82.9 million in circulation, while other networks have lower amounts. Despite the changes, the Algorand Foundation reassured users that there would be no disruption, as Tether had previously allowed a year for redemptions. Algorand's revenue from transaction fees over the last month was reported at $42,300. Read more AI-generated news on: https://app.chaingpt.org/news

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