Tether, a stablecoin issuer, said that it will stop supporting Omni, a Bitcoin layer that has been used since 2014 for USDT payments.According to the release, Tether will also stop supporting the SLP implementations for Kusama (KSM) and Bitcoin Cash (BCH).
The software layer Omni was constructed on top of the Bitcoin blockchain.It was created to provide smart contract functionality to the Bitcoin network, enhancing its benefits.
“Over the years, the Omni Layer faced challenges due to the lack of popular tokens and the availability of USDT on other blockchains. This led many exchanges to favor alternative transport layers, leading to a decline in USDT usage on Bitcoin using the Omni Layer,” Tether said in the announcement.
According to Tether’s transparency report, it has a market cap of $82 billion and has the largest stablecoin. Of that, $240 million worth of tokens were released on the Omni layer, while $1.4 million and $980,000 worth were issued on Kusama and Bitcoin Cash, respectively.
Beginning on August 17, the stablecoin provider will stop releasing USDT on Omni, Kusama, and Bitcoin Cash; however, redemptions will still be accepted for the following 12 months.Tether currently trades at $0.998, down 0.12% in the last 24 hours, according to reports.