Tether halts USDT issuance on Kusama, Bitcoin Cash SLP, and Omni Layer networks

On 17 August, the issuer of the stablecoin USDT, Tether прекратила выпуск актива в экосистемах Kusama, Bitcoin Cash SLP и Omni Layer.

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“If the blockchain lacks meaningful support over an extended period and there are no signs of recovery in the metrics, its use becomes inefficient and may jeopardise our security,” the issuer’s representatives said.

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The company will continue to buy back tokens from these networks for at least a year. Users can also exchange coins for USDT from other blockchains via various exchanges.

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The Omni project was the first protocol that Tether used to issue stablecoins on the Bitcoin network. The firm has left itself the option to revisit the decision on this project in the future.

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Company representatives emphasised that they remain involved in the development of RGB smart contracts, which enable building two and three layers atop the Bitcoin blockchain.

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“We firmly believe that RGB will usher in a new era for cryptocurrencies, smart contracts and digital rights, gaining broad support from major players in our industry. Once USDT on RGB is up and running, the world will see the asset on another ultra-powerful and scalable layer,” they concluded at Tether.

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In late July, the issuer of the stablecoin reported $850 million in net profit in the second quarter.

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