Tether stops support for Bitcoin Omni layer due to lack of demand

Tetherthe company in charge of managing the stablecoin USDT, recently announced that it will stop supporting Omnia layer 2 for the Bitcoin network used in USDT transfers from 2014. In line with this announcement, Tether will also drop support for SLP implementations of Kusama (KSM) and bitcoin-cash (BCH).

Tether: end of support for the Bitcoin Omni layer

As a reminder, Omni is a software structure built on top of the Bitcoin network. It was designed to enhance the functionality of this blockchain by providing smart contract capabilities.

Over the years, the Omni layer has faced many challenges due to the lack of popular tokens and the availability of USDT on other blockchains. This has led many exchanges to favor alternative layers of transport, which has led to a decline in the use of USDT over Bitcoin using the Omni Layer.

It seems important to mention that Tether is the largest stablecoin in the crypto ecosystem at the time of writing this article, with a market capitalization of $82 billionof which $240 million of tokens are issued on the Omni layer, while 1.4 million And $980,000 are issued on Kusama and Bitcoin Cash respectively, according to Tether’s Transparency Report.

The stablecoin provider will stop issuing USDT on Omni, Kusama and Bitcoin Cash from August 17, while redemptions will continue for the next 12 months.

In recent news, Tether has recently made headlines due to the discovery of Tom Wana blockchain analyst working for the firm 21.cowho said he discovered an address that potentially belongs to Tether and which currently contains approximately 55,022 bitcoinswhich is the equivalent of a little more than $1.6 billion. So Tether would be the eleventh fortune in bitcoin globally.

Source : Coindesk

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