Tether's decision to drop support for Omni Layer, Bitcoin Cash's SLP, Kusama, EOS, and Algorand isn’t just a tidying up of their infrastructure. It’s a big wet kiss to all the speculators and a slap in the face to the original vision of a decentralized, inclusive blockchain ecosystem. It’s easy for Tether to tout "focus on active, high-demand networks" and "data-driven decisions," but behind those corporate buzzwords lies a cold, hard truth: profit trumps community. This one stings especially deep for anyone who was rooting for blockchain to be the great equalizer. Instead, it’s a program designed to benefit only the few winners that it finds “profitable.”
Who Pays The Price Of Progress?
Let's be clear. This is not simply shuffling a few figures from one accounting sheet to the next. It’s about the very real developers and communities that have spent their time, energy and resources into building on these blockchains. Their hope was the hope of any crypto believer — of decentralization, of a financial system free from these gatekeepers. Now, they’re being told that all their hard work doesn’t count for anything. They’re now hearing that the platform they selected isn’t in “high-demand,” so it won’t be supported.
Imagine the impact on small enterprises in developing countries that have established their payment infrastructure based on these blockchains. What happens to them? What of the open-source developers who, for years, poured thousands of hours into developing tools and applications? So are they just meant to go home and walk away, their work invalidated by a boardroom decision? This isn't progress; it's abandonment.
Tether’s CTO, Paolo Ardoino, has stated that their priorities are “speed, interoperability and adoption.” What about inclusion? What about community? Are these values obsolete now that we live in a crypto-first world? In that unyielding quest for scalability and profitability, companies are abandoning the very principles that make decentralization unique. They’re doing this to maximize their own corporate expediency.
Decentralization Or Centralized Control?
The irony is staggering. Cryptocurrency was created from the ethos of wanting to escape the clutches of centralized authorities. And yet, here we are, watching a supposedly “decentralized” stablecoin issuer single-handedly determine which blockchains deserve its support. This is not decentralization at all, but rather a stealthy capital-formation centralized power move masquerading as a smart business decision. Tether’s long stated mission is to build larger, faster, more profitable networks. In doing so, it deeply politicizes the crypto landscape while further concentrating power and market control in the hands of a few. To those of us who are more engaged in transportation advocacy, it feels like just history repeating itself. As it stands, a small handful of executives at Tether HQ are calling the shots on who wins and who loses. They’re copying the very same system they said they wanted to replace.
Is it really so surprising, though? In fact, Tether’s very survival depends on a level of centralization. They have total monopoly over USDT and issuance and redemption of USDT. After all, they are the ones holding the reserves (or, at least, we hope they are). After all, maybe we shouldn’t be surprised that they’re behaving like a federal government. That doesn’t mean we should throw up our hands and say nothing ever can be done.
Time To Reclaim Our Decentralized Future
Tether’s move is a needed wake-up call. It’s one of those bitter reminders that we shouldn’t expect centralized actors to faithfully execute the principles behind decentralization. If we’re going to rely on decentralized solutions, we need to produce truly decentralized ones. Let’s create stablecoins that our community can govern, not ones governed by corporate profit motive.
The path forward won't be easy. To build them, we need hard work, dedication, and a willingness to challenge the status quo. It's a fight worth fighting. We can and should work together to reclaim the true vision of cryptocurrency. Join us in building a decentralized, inclusive, community-driven ecosystem to power our future! Here’s to the smart developers, innovative projects and creative communities making it possible. They merit our support, even if they don’t yet qualify to land on the “high-demand” list of any prospective centralized stablecoin issuer. Our financial freedom depends on it.
- Community-owned stablecoins: Projects that are governed by DAOs (Decentralized Autonomous Organizations), where token holders have a say in the direction of the project.
- Algorithmic stablecoins: While controversial, some algorithmic stablecoins offer a more decentralized approach, relying on code rather than centralized reserves. Caveat emptor though, these are risky.
- Increased adoption of truly decentralized cryptocurrencies: Maybe the solution isn't to create a decentralized stablecoin, but to simply embrace the volatility of cryptocurrencies like Bitcoin and use them directly for transactions.
Don’t let Tether’s decision be the end of the story. Allow it to be the inspiration that fuels a new wave of commitment to decentralization and a rejection of corporate control. Together, let’s create a transportation future where no community gets left behind. What do you say? Are you in?
Don't let Tether's decision be the final word. Let it be the spark that ignites a renewed commitment to decentralization and a rejection of corporate control. Let's build a future where no community is forgotten. What do you say? Are you in?