Tether, the leading stablecoin issuer, has declared the discontinuation of support for three blockchains: OmniLayer, BCH-SLP, and Kusama. While customers will still have the ability to redeem and swap their Tether (USDt) tokens to other supported blockchains, Tether will no longer issue any additional USDt on these three blockchains.
This was also announced by Paolo Ardoino, Tether’s CTO.
The decision to end support for these blockchains has been a difficult one, especially considering the history of the OmniLayer as the initial transport layer for Tether USDt back in 2014. However, over the years, the OmniLayer has faced challenges due to the lack of popular tokens and the availability of USDt on alternative blockchains. This has led to a decline in USDt usage on Bitcoin using the OmniLayer, with many exchanges favoring alternative transport layers.
Despite the pain caused by this decision, Tether is committed to maintaining consistency, transparency, and openness in its processes. As an organization rooted in the belief of leveraging the most secure, audited, and decentralized blockchain ever built, Tether remains dedicated to Bitcoin. In fact, Tether is actively contributing to the development of RGB, a client-side validated state and smart contracts system operating on Layer 2 and 3 of the Bitcoin ecosystem.
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Show more +RGB, which has been postulated and bootstrapped by renowned individuals such as Peter Todd and Giacomo Zucco, functions both on-chain (Bitcoin L1) and on the Lightning Network. This unique feature promises unparalleled scalability, making RGB a game-changer for digital assets, smart contracts, and digital rights. Moreover, RGB has garnered comprehensive support from major players in the industry, further solidifying its potential impact.
Once USDt on RGB goes live, the world will witness USDt on another super-powerful and scalable layer of Bitcoin. Tether firmly believes that RGB will usher in a new era for digital assets, smart contracts, and digital rights. As a community-driven and fully open-source project, RGB is developed and maintained by exceptionally talented individuals. It does not require any other token and is securely backed by Bitcoin, built by bitcoiners with love.
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