Tether discontinues USDT support on Bitcoin, Kusama, and Bitcoin Cash

Tether, the stablecoin issuer, is set to halt its support for USDT on the Bitcoin, Kusama, and Bitcoin Cash platforms following a strategic evaluation of blockchain usage and efficiency

Timeline of Bitcoin-cash, Tether

Coinbase, a prominent cryptocurrency exchange, has recently announced its decision to suspend trading of certain stablecoins for Canadian users starting from August 31. This development comes as part of Coinbase's ongoing efforts to ensure that the assets listed on its platform align with its stringent listing standards.

Tether (CRYPTO: USDT) Thursday announced that it will discontinue its support for USDT on the Bitcoin (CRYPTO: BTC), Kusama (CRYPTO: KSM), and Bitcoin Cash (CRYPTO: BCH) blockchains. What Happened: The stablecoin issuer evaluated the current transport layers and determined their relevance in the blockchain ecosystem.

Based on a number of internal Analysis indicators, Tether Limited ceased supporting its flagship product USDT, the largest stablecoin, on three blockchains. Omni, the first platform USDT utilized since 2014, is also on the list.

Tether, the issuer of $82 billion market cap stablecoin USDT, has announced that it will discontinue support for three blockchains as part of a strategic transition aimed at meeting community demand and fostering innovation.

Tether, the prominent stablecoin issuer, has unveiled a strategic shift in its support for various blockchains. Starting August 17, 2023, Tether will cease the issuance of USDT on Polkadot's Kusama test chain, Bitcoin's Omni Layer, and Bitcoin Cash's SLP implementation.

With the Bitcoin Cash network's May 15 Cashtokens upgrade now three months behind us, bustling development in non-custodial wallets, marketplaces, non-fungible tokens (NFTs), games, and other applications continues unabated.

Bitcoin Cash (BCH) bulls have prevented a significant price drop below the $230 support level over the past week. On-chain data provides insights into potential price movements to anticipate if the BCH bears eventually seize control.

Tether, the issuer of the world's largest stablecoin, USDT, is breaking all records in 2023. In its Q1 assurance report, Tether gained an all-time high reserve surplus of $2.44 billion, and a net profit of $1.48 billion This raised many eyebrows because the world's largest asset manager, BlackRock, had only $1.

Circle Internet Financial (CRYPTO: USDC) is relying on its substantial cash reserve of more than $1 billion to navigate the increasing challenges posed by non-crypto entities such as PayPal Holdings Inc (CRYPTO: PUSD) The company wants to reverse the dwindling market share of its stablecoin, which ranks second in the market. Since the start of the year, the circulation of Circle's USD Coin has sharply decreased from $45 billion to approximately $26 billion, and in contrast, Tether, the leading stablecoin, has seen growth in the same timeframe.

Following its peak at $328 for the year, the Bitcoin Cash (BCH) price has experienced a decline. This decline led the price to dip below the significant horizontal resistance level of $280.