Tether pauses USDT freeze across five blockchains
The post Tether pauses USDT freeze across five blockchains appeared on BitcoinEthereumNews.com. Stablecoin issuer Tether has announced that it will halt its previous plans to freeze USDT on five blockchains. According to the stablecoin firm, the plan to freeze USDT smart contracts on the five chains will be paused, noting that it will only remain transferable on these chains but can no longer be issued or redeemed on them. The revised plan is expected to affect chains like Omni Layer, Algorand, EOS, Bitcoin Cash SLP, Kusama, Tether said. The company said the development was born out of the feedback that it received from members of these ecosystems. “Following the feedback from the communities of these discontinued blockchains, Tether has revised this approach and will not freeze the smart contracts on these networks.” Tether suspends plan to freeze USDT on five blockchains According to Tether, while users can still transfer tokens on these blockchains, it will discontinue direct issuance and redemption on these chains. “This means the tokens will no longer be officially supported as other Tether tokens,” the company said. The initial plan was to end support for users on these chains on September 1. The decision is in line with Tether’s broader strategy to remain focused on expanding support for crypto ecosystems, adding strong developer activity, scalability, and use demand without completely abandoning the chains it has supported for a long time. According to Tether, only a small smart contract-based layer–1 blockchains have been able to successfully achieve large-scale user adoption while offering practical uses, such as Tron and Ethereum. Tron and Ethereum are the two chains that Tether supports the most. Tron boasts $80 billion, while Ethereum has $72 billion worth of USDT circulating supply. Meanwhile, BNB Chain rounds up the top three, boasting $6.78 billion, according to data from DeFiLlama. Solana and other Ethereum layer-2 chains, Arbitrum and Base,…
The post Tether pauses USDT freeze across five blockchains appeared on BitcoinEthereumNews.com.
Stablecoin issuer Tether has announced that it will halt its previous plans to freeze USDT on five blockchains. According to the stablecoin firm, the plan to freeze USDT smart contracts on the five chains will be paused, noting that it will only remain transferable on these chains but can no longer be issued or redeemed on them. The revised plan is expected to affect chains like Omni Layer, Algorand, EOS, Bitcoin Cash SLP, Kusama, Tether said. The company said the development was born out of the feedback that it received from members of these ecosystems. “Following the feedback from the communities of these discontinued blockchains, Tether has revised this approach and will not freeze the smart contracts on these networks.” Tether suspends plan to freeze USDT on five blockchains According to Tether, while users can still transfer tokens on these blockchains, it will discontinue direct issuance and redemption on these chains. “This means the tokens will no longer be officially supported as other Tether tokens,” the company said. The initial plan was to end support for users on these chains on September 1. The decision is in line with Tether’s broader strategy to remain focused on expanding support for crypto ecosystems, adding strong developer activity, scalability, and use demand without completely abandoning the chains it has supported for a long time. According to Tether, only a small smart contract-based layer–1 blockchains have been able to successfully achieve large-scale user adoption while offering practical uses, such as Tron and Ethereum. Tron and Ethereum are the two chains that Tether supports the most. Tron boasts $80 billion, while Ethereum has $72 billion worth of USDT circulating supply. Meanwhile, BNB Chain rounds up the top three, boasting $6.78 billion, according to data from DeFiLlama. Solana and other Ethereum layer-2 chains, Arbitrum and Base,…
What's Your Reaction?
