Skip to main content

Tether to Withdraw Support for USDT on Omni, Kusama, and Bitcoin Cash’s SLP

Tether to Stop Minting USDT on Onmi, Kusama and BCH SLP

Tether has announced a strategic transition that will see the company withdraw support for USDT issued on Omni, Kusama, and Bitcoin Cash’s Simple Ledger Protocol (SLP). The company stated that one of the factors that affected this decision was the level of community interest in these projects, declaring that maintaining support for projects without traction was “inefficient and may jeopardize security and oversight.”

Tether to Withdraw Support for USDT Issued on Top of Omni, Kusama, and Bitcoin Cash

Tether, the company behind the issuance of USDT, the largest stablecoin in the cryptocurrency market, has announced a “strategic transition,” discontinuing support for USDT tokens issued on top of Bitcoin-based protocol Omni, Kusama, the Bitcoin Cash-based Simple Ledger Protocol (SLP).

In a press release, Tether explained these actions are directed to maintain “a robust blockchain ecosystem for USDT” and derived from an evaluation of “the effort required, encompassing security, customer support, compliance, and regulatory oversight, to ensure the security, usability, and sustainability” of maintaining USDT on each one of the networks where it is available.

The company detailed that users will not be able to mint USDT on these chains starting August 17. Tether will support redemptions of tokens issued on these networks for the next 12 months, with independent exchange channels also operating.

Focused on Bitcoin

Tether lamented the situation of USDT on the Omni protocol, given that it was the first transport layer that the token leveraged when it was launched back in 2014. The company acknowledged that Omni languished after the arrival of new transport layers, which were favored by many exchanges in the cryptocurrency space.

However, the company declared it still had hope in the potential of Omni, saying that the “increased utilization of the Omni layer’s decentralized exchange and its token issuance protocol (including NFTs) would allow us to reconsider issuing USDT on Bitcoin via Omni.”

Nonetheless, the company reinforced its support and belief in Bitcoin, stating that it was “the most secure, audited, and decentralized blockchain ever built.”

In this regard, the company revealed that it was developing RGB, a smart contracts system that would function on top of Bitcoin and the Lightning Network. Tether also announced the release of USDT on this platform, stating that “once USDT on RGB goes live, the world will witness USDT on another super-powerful and scalable Bitcoin layer.”

What do you think about Tether dropping support for USDT issuance on some chains? Tell us in the comments section below.



from Bitcoin News https://ift.tt/I3USOJc
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

DefiDollar Listing on AscendEX

PRESS RELEASE. AscendEX, formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant trading veterans, has announced the listing of the DefiDollar Token (DFD) under the pair USDT/DFD on Apr 29 at 1:00 p.m. UTC. DefiDollar is a DeFi lab that aims to bring mass adoption to DeFi with a wide-ranging product suite. The first product offering to go live will be the stablecoin index – DUSD, with ibBTC and optionCoin currently in development. DefiDollar (DUSD) aspires to be a risk-insured stablecoin layer for DeFi. It is designed to provide a safe and stable way for users to hold their assets with DUSD being optimized for peg safety, yield, and diversification. DefiDollar uses DeFi primitives to stay close to the dollar mark. DUSD provides an avenue for diversifying stablecoin holdings to hedge against an event where the underlying stablecoins like Tether or DAI deviate from their peg. DUSD is collateralized by Curve Finance LP tokens. DFD is the n...
Post a Comment
Read more