In brief
- Tether is ending support for its USDT stablecoin on five blockchains.
- The firm will stop redeeming USDT on September 1, thereafter freezing remaining assets on those chains.
- USDT is the largest stablecoin in crypto, with nearly a $160 billion market cap.
Stablecoin issuer Tether is ending its USDT support for five blockchains effective on September 1, the company announced on Friday, ending redemptions and freezing the remaining assets on those blockchains.
Last June, the firm ended its minting function on Algorand and EOS (now called Vaulta), meaning it would no longer issue new stablecoins on those chains. In 2023, it announced the same for Bitcoin Cash, Kusama, and Omni Layer Protocol.
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Author: Logan Hitchcock
