Tether (USDT) Halts Support for Kusama, BCH SLP, and Omni Chains

The company behind the most valuable stablecoin in terms of market capitalization, Tether, has formally stopped supporting three separate blockchains. The stablecoin issuer halted minting USDT on Kusama (KSM), the Simple Ledger Protocol of Bitcoin Cash (BCH), and Omni Layer (OMNI) on Thursday.

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The regulators in Canada have set up new policies that have led Coinbase to suspend USDT, DAI, and RAI trades in the country. Ontario Securities Commission imposed this regulation in 2021 and Coinbase vowed to work with these organizations to ensure the crypto market is entirely on track.

Tether, the firm behind the largest stablecoin by market cap, has officially ended support for three different blockchains. On Thursday, the stablecoin issuer stopped minting USDT on Kusama (KSM), Bitcoin Cash's (BCH) Simple Ledger Protocol (SLP), and Omni Layer (OMNI).

Tether, the issuer of the world's largest stablecoin USDT, announced on Thursday that it will discontinue support for its flagship stablecoin, on three blockchains, Kusama, Bitcoin Cash SLP (Simple Ledger Protocol) and Omni Layer.

Tether's USDT stablecoin value wobbled from its $1 peg amid the market carnage that wiped nearly $100 billion from the crypto market on Aug. 17. Typically, cryptocurrency traders resort to stablecoins as a hedge against the inherent market volatility within the industry.

Binance, the world's leading cryptocurrency exchange, has unveiled plans for a significant token swap. This initiative entails the conversion of all New Bitshares (NBS) tokens residing within user wallets to US dollars, marking a departure from the initial trajectory set almost a year ago.

Tether, a prominent stablecoin issuer, has announced its decision to discontinue USDT blockchain support for Bitcoin, Kusama, and Bitcoin Cash, citing a meticulous evaluation of factors encompassing security, compliance, and customer support.

Key Points: Binance has announced the issuance and conversion of delisted New Bitshares (NBS) tokens held by its users. This transition is set to take place promptly at 08:00 on September 9th, with a snapshot taken to determine the NBS token balances based on users' Binance Wallet location records.

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.

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.

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