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Tether to Refocus on Major Blockchains, Ceases Support for Smaller Protocols

coinpedia.org

Tether, the largest stablecoin issuer, announced it would stop supporting several smaller blockchain protocols over the coming year. This move reflects Tether's migration toward larger networks like Ethereum and Tron. Specifically, Tether will cease issuing and interacting with the dollar-pegged USDT token on Omni, Kusama, and Bitcoin Cash by August 17th, 2022.

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Timeline of Tether


Just-In: Coinbase to Halt USDT Trading in Canada Starting August 31st - Coingape

On August 17th, Coinbase announced that it would halt trading of Tether (USDT), Dai (DAI), and RAI stablecoins for Canadian users starting August 31st. This move comes in response to changing regulatory requirements in Canada, where authorities have been tightening their grip on the crypto industry.


Coinbase to halt USDT trading for Canadian users- here is what you need to know - Cryptopolitan

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 (USDT) Finally Drops Its Initial Platform Omni, Here's Why - UToday

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 ends USDT support for OmniLayer, Kusama and BCH-SLP - Invezz

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 Adopts New Path: USDT Minting Ceases On Select Chains - Coincu

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.


Op-ed: Is Tether's profitability a risky bet on treasury profits? - CryptoSlate

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 Turns To Cash Reserves To Battle PayPal And Tether For Stablecoin Supremacy - Benzinga

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.


Tether CTO Says PayPal's PYUSD Could Erode USDT's Competition in America: Report - The Daily Hodl

Tether CTO Paolo Ardoino says that PayPal's newly launched stablecoin PYUSD could hurt USDT‘s US competition. In a new interview with Benzinga, Ardoino says that he doesn't view PYUSD as competition for Tether, but rather, he views it as a challenge for competitors like Circle's USD Coin (USDC).


Can PayPal's PYUSD Be Frozen In Your Wallet Like Tether's USDT? - NewsBTC

PayPal and Paxos dominated the news cycle on Monday with the announcement of the launch of the PayPal (PYUSD) stablecoin, but concerns have been raised about the possibility of user assets being frozen in their wallets, as is the case with USDT. Crypto Community Adverse to Paxos Wallet Freeze Feature The PYUSD stablecoin issued by Paxos has a condition that is not too welcomed by the crypto community, which has dulled the initial excitement for the launch of the PayPal stablecoin.


Tether ‘welcomes' PayPal's PYUSD stablecoin to the market, says CTO Paolo Ardoino - CryptoSlate

Paolo Ardoino, CTO of Tether (USDT), said in an Aug. 8 statement shared with CryptoSlate that he welcomed PayPal's entrance into the stablecoin industry. Ardoino said PayPal's foray into the field would enhance the overall growth of the ecosystem as it would drive competing firms to develop solutions that would further boost adoption and innovation.

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