Tether stablecoin’s provider will stop with its Bitcoin Omni Layer edition. The step is being taken on account of not enough interest from users, as stated by Cointelegraph.
According to Cointelegraph, the Bitcoin Cash and Kusama categories will also be suspended. As per an August 17, 2023, announcement, the Bitcoin Omni Layer, along with Kusama or Bitcoin Cash, will not be subjected to any new Tether coins. Redemptions are expected to remain present for almost a year, with further updates to be provided by the company prior to the year’s end.
“We understand the significance of this decision, particularly for Omni, as it was the first transport layer that Tether used in 2014. The Omni Layer, built on top of Bitcoin, played a crucial role in Tether’s early journey, and we acknowledge the contributions and innovations the team has made to the crypto landscape,” Tether’s announcement stated.
Based on Cointelegraph’s data, Tether’s team mentioned that the Omni Layer “faced challenges due to the lack of popular tokens and the availability of USDT on other blockchains.” Reportedly, it caused exchanges to utilise transport layers in place of Omni, which resulted in USDT Omni usage’s fall and ended the company’s issuance.
Moreover, Cointelegraph noted that Tether can reconsider this decision if it sees a rise in Omni’s usage.
(With insights from Cointelegraph)