Tether Decides to Discontinue Bitcoin Stablecoin amid Lack of Usage
Along with Bitcoin Omni Layer, Tether has also decided to discontinue the stablecoin versions of Bitcoin Cash and Kusama. Tether, the issuer of the worlds largest stablecoin USDT, has announced to discontinue its Bitcoin Omni Layer version amid the lack of interest from the users. This Bitcoin stablecoin from Tether was one of the first created. During its recent announcement, the Tether CTO Paolo Ardoino noted that they would also be discontinuing the stablecoin versions of Bitcoin Cash and Kusama. As per the statement, Tether has revealed that it will no longer be generating new tokens on the Bitcoin Omni Layer, Kusama, or Bitcoin Cash platforms. While the redemption option will remain accessible for at least a year, the company intends to provide additional notifications before the years end regarding the future handling of redemptions. The Bitcoin Omni Layer is a smart contract framework constructed atop the Bitcoin blockchain. Originally named “Mastercoin”, Tether launched it in July 2013, making it operational two years before Ethereum. Tether introduced USDT as the pioneer stablecoin on the Omni Layer system later in October 2014. It rapidly gained prominence as the highest market capitalization stablecoin, surpassing earlier entrants like BitUSD and NuBits. During its announcement on Thursday, August 17,