At $1 trillion, Tether—the company behind USDT—is betting big on the future. Lastly, it will drop support for its USDT stablecoin on five “legacy” blockchains. This ruling, made public on July 11, represents a new tactical move as Tether continues to reposition itself within an increasingly dynamic digital asset landscape.
These are the five blockchains specifically affected by this change– Omni Layer, Bitcoin Cash SLP, Kusama, EOS, and Algorand. Tether made a concerted effort to highlight the important roles these blockchains played during USDT’s early growth and popularity. Yet, these networks have seen the most dramatic drop in USDT popularity and trading volume within the last few years.
Beginning September 1, Tether will stop redemptions and freeze any outstanding USDT tokens on these five blockchains. This action is part of a deliberate phased plan that started two years earlier. In 2023, Tether ended minting on Bitcoin Cash, Kusama, and Omni Layer. Additionally, Tether stopped minting on Algorand and EOS—rebranded Vaulta, as of late last June.
Tether USDT, which is backed by Tether, continues to be the leading stablecoin in the crypto industry, with a market cap close to $160 billion. The company has been strategically reviewing its infrastructure to ensure it aligns with platforms that offer greater scalability, developer activity, and community engagement.
Here’s what Tether has to say to customers holding USDT on the affected blockchains regarding their oncoming decommissioning after September 1. Users should either redeem their USDT holdings on these networks or request issuance on supported blockchains to avoid any potential loss of funds.
Paolo Ardoino, Tether's CEO, commented on the company's strategic infrastructure review.
As the digital asset ecosystem evolves, Tether remains committed to adapting alongside it. Sunsetting support for these legacy chains allows us to focus on platforms that offer greater scalability, developer activity, and community engagement, all key components for driving the next wave of stablecoin adoption. - Paolo Ardoino, Tether CEO
Tether’s recent announcement that it would no longer redeem USDT on legacy networks marks another major development in this ongoing trend in the cryptocurrency industry. More than anything, projects are continually testing and improving their infrastructure to beat a path in this rapidly developing space. By building on the most active and scalable platforms, Tether is taking steps to strengthen the long-term stability and utility of USDT.
