- Tether announces they won’t support OmniLayer, BCH-SLP, and Kusama anymore. Furthermore, the decision came due to a lack of sustainability.
- Also, Tether will launch a new product. It is called RGB.
Tether USDT is one of the biggest cryptocurrencies, although it is a stablecoin. Recently, the parent company announced the closure of three important blockchains. According to them, it was a hard decision, but they had to take it. Now, many people are confused about what it means for crypto traders. Continue reading to see all the details here.
Tether Announces the Closure of Three Blockchains
- On Twitter (now X), Tether made an abrupt announcement that sent chills to the depths of the crypto community. The stablecoin provider said they would withdraw their support for OmniLayer, BCH-SLP, and Kusama. Furthermore, the company’s CTO took the opportunity to make a proper explanation of the new decision.
- Apparently, Tether says they won’t support these blockchains anymore due to more than usual challenges that came up. The company’s CTO took this time to explain some of these challenges and their influence on their decision.
- One of the blockchains the company’s CTO emphasized is the Omni Layer blockchain. Apparently, the blockchain and the stablecoin provider enjoyed a good relationship since 2014. However, the Omni Layer started facing multiple issues. Furthermore, one of the issues was the lack of popular tokens and the availability of USDT on other blockchains.
- Since the Omni Layer faced many issues, many exchanges left it to focus on other transport layers. This led to a decline in USDT usage on Bitcoin using the Omni Layer. As said, many other exchanges were in favor of other transport layers.
- Tether says despite their losses, they moved on to focus on other core developments. As usual, the stablecoin provider said they wanted to continue with this blockchain, but they had to make difficult choices. There’s something to point out here.
- According to their CTO, customers can still redeem and swap USDT tokens from these blockchains to the supported ones. But the only issue is that the stablecoin provider won’t issue new tokens here.
Introduction of New Product From Tether
- Just as they were removing some products from their support system, the stablecoin provider made new announcements. Apparently, the company’s CTO used the opportunity to announce Tether’s latest creation.
- The stablecoin provider is developing RGB together with Bitfinex and Fulgur Ventures. Furthermore, this new product is a client-side validated state and smart contracts system operating on Layer 2 and 3 of the Bitcoin ecosystem. Moreover, the stablecoin provider wants to use the new service to improve scalability on the blockchain. Tether’s CTO Paolo Ardoino claimed that once this service goes live, many will witness USDT grow in a new dimension. The crypto community will wait for this product.
Conclusion
To the bewilderment of the crypto community, Tether’s page announced the closure of support to three critical blockchains. Apparently, their reason for this was that their support wasn’t sustainable anymore. So, they had to cut those blockchains off. The company’s CTO used the opportunity to announce Tether’s new creation called RGB. Furthermore, this new product claims it will solve many scalability issues on the blockchain. They are doing this in partnership with a prominent crypto exchange, Bitfinex.
