INSUBCONTINENT EXCLUSIVE:
Tether is discontinuing redemptions for USDt (USDT) on five legacy blockchains starting Sept
1, the company announced on Friday
In August 2023, the company announced it would no longer be issuing USDt on the Omni Layer, Kusama, and Bitcoin Cash SLP
In June 2024, Tether halted minting on EOS and Algorand.USDt is the largest stablecoin in circulation with a market capitalization of $139.4
billion according to Cointelegraph indexes
A review of USDt balances across the affected blockchains shows that Omni Layer holds a net circulation of $82.9 million USDt, while other
networks have a smaller participation: Bitcoin Cash SLP with $986,500, Kusama with $240,000, EOS with $4.2 million, and Algorand
third-most-popular stablecoin on the Algorand blockchain
cap on the Algorand network
Top stablecoins on Algorand by market cap
a representative for the Algorand Foundation told Cointelegraph
$42,300 over the past 30 days
Blockchain companies often make money through transaction fees
Tether said that the discontinuance, for at least the Omni Layer, was due to the lack of USDt usage on the network
