Stablecoin Tether’s transmitter abandoned his freezing free contracts on five channels, claiming that tokens will remain transferable but will no longer be issued or exchanged.
The revised plan has an impact on users on Omni Layer, Bitcoin Cash SLP, Kusama, EOS and Algorand, said on Friday after receiving the members of these ecosystems. “Following the comments of the communities of these abandoned blockchains, Tether revised this approach and will not freeze intelligent contracts on these networks.”
Although users can always transfer tokens to these blockchains, Tether interrupts the program and direct takeover on these channels. “This means that tokens will no longer be officially supported as other attachment tokens.” The initial plan was to end support on September 1.
The decision is aligned with the wider strategy of TETHER to remain focused on the expansion of support for cryptographic ecosystems with a strong activity, the scalability and the demand of users – without completely abandoning the chains it has long supported. Only a small number of layers of layer 1 -based blocks based on intelligent contracts have managed to make an adoption of large -scale users and to offer practical use cases, including Tron and Ethereum – the two channels that provide the most support.
Tron and Ethereum direct the adoption of the USDT
Tron and Ethereum have $ 80.9 billion and $ 72.4 billion in USDT supply traveling on their respective channels, while the BNB channel completes the first three with $ 6.78 billion, show the Defilma data.
Solana, as well as the Ethereum layer 2 arbitrum and base chains, are among the other flourishing cryptographic ecosystems with a strong activity of Stablecoin, although they mainly use the stablecoin USDC of the circle rather than the USDT.
The omni layer will be the most affected
An examination of the USDT sales through affected blockchains shows that the OMNI layer will be the most affected because it has net traffic of USDT dollars, while other networks have a smaller participation: EOS A 4.2 million dollars, while Bitcoin Cash SLP, Algorand and Kusama have less than $ 1 million.
Tether’s sunset for these blockchains has been in preparation for two years. In August 2023, the company announced that it no longer emitted USDT on Omni Layer, Kusama and Bitcoin Cash SLP. In June 2024, the attachment interrupted the strike on EOS and Algorand.
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Total Stablecoins market capitalization is currently at $ 285.9 billion, led by USDT and USDC at $ 167.4 billion and $ 71.5 billion, respectively, Coingecko data show.
The Stablescoin market should strengthen in the coming years
Last month, US President Donald Trump signed the Act on Engineering, which, according to many analysts, will stimulate the domination of the US dollar by promoting the stablescoins set to the dollar, competing with competing with other currencies and strengthening the role of the dollar as the greater global reserve currency.
The US Treasury Department expects the StableCoin market to reach 2 dollars by 2028.
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