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

August 18, 2023 01:53 AM AEST | By Invezz

Tether ends USDT support on Omni

Omni is a decentralised software layer on the Bitcoin blockchain that allows for the trading of custom crypto assets and currencies. Tether has used the transport layer since 2014, a fact noted in today’s announcement. However, lack of demand for the layer has seen USDT usage decline, Tether wrote.

“The Omni Layer faced challenges due to the lack of popular tokens and the availability of USD₮ on other blockchains. This led many exchanges to favor alternative transport layers, leading to a decline in USD₮ usage on Bitcoin using the Omni Layer.”

Alongside USDT-Omni, the stablecoin issuer is ceasing support for USDT-Kusama, and USDT–BCHSLP as from Thursday, August 17, 2023. Users will however continue to redeem these normally for the next 12 months, with Tether communicating any changes by then.

Also notable is that users can go ahead and swap USDT-Omni, USDT-Kusama, and USDT-BCH-SLP for other chains. This will happen on platforms that support the impacted assets, including Bitfinex.

Kusama, Bitcoin Cash and Polkadot tokens traded slightly lower at $21.89, $203, and $4.68 respectively at the time of writing. USDT was 0.2% off its dollar peg at $0.996685.

The post Tether ends USDT support for OmniLayer, Kusama and BCH-SLP appeared first on Invezz.

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