Tether, the world’s largest stablecoin, recently announced it would be discontinuing support for Kusama, Bitcoin Cash SLP and Omni Layer. This is despite the company having supported Omni since 2014.
In a statement, Tether said this decision was made due to a lack of demand and the company making strategic changes to its operations. Omni is a software layer built atop the Bitcoin blockchain which provides smart contract features.
A recent report by CCData showed that the market cap of USDT fell 0.62% to $83.3bn in August, the first decline in end-of-month market cap since October 2022. Despite this, the market cap dominance of USDT rose to 67.1%.
Tether’s users can continue to redeem their tokens on the networks for the next 12 months and have the option to swap USDT on these networks for other chains on compatible platforms.