Why Has Tether Halted Support for These Protocols?

2023-8-18 18:30

Stablecoin issuer Tether has ceased support for Kusama, Bitcoin Cash Simple Ledger Protocol (SLP), and Omni Layer citing a lack of demand.

Tether’s USDT stablecoin currently has the biggest market share and supports major blockchains in allowing for the convenient transfer of funds.

Tether Discontinues Support Citing Strategic Transition

Through an official announcement, Tether explained:

“If a blockchain lacks significant traction over an extended period and shows no signs of recovery in usage indicators, maintaining support becomes inefficient and may jeopardize security and oversight.”

While Tether will discontinue minting USDT on Kusama, Bitcoin Cash SLP, and Omni Layer, it will allow users to redeem their stablecoin on these protocols for at least the next year. It will also facilitate swapping USDT to other chains.

Click here to learn more about stablecoins.

BeInCrypto reported that Omni Layer was responsible for over 50% of Bitcoin Opcode transactions in 2018. However, its popularity declined gradually, and USDT usage also eventually decreased in the Omni Layer protocol.

Tether mentions that if the user activity increases in the Omni Layer, it will again start supporting the protocol with USDT minting.

USDT Remains Dominant Market Player Despite Criticism 

Over the years, Tether has frequently appeared the community’s radar as they question its claims that USDT is backed one-to-one by the US dollar. However, earlier this month, Tether won a legal victory against a class action lawsuit concerning its reserves.

Tether also remains controversial as it has frozen users’ assets in the past. Some even question its frequent usage in illicit transactions. Despite these criticisms, Tether remains the dominant player compared to other stablecoins.

According to data from DefiLlama, it has a 67.16% market share. The second largest competitor, USDC, has a 20.81% market share.

And new stablecoins, such as PayPal’s PYUSD, are emerging to challenge the dominance of USDT.

Stablecoin market dominance. Source: DefiLlama

Got something to say about Tether support or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

The post Why Has Tether Halted Support for These Protocols? appeared first on BeInCrypto.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Tether (USDT) на Currencies.ru

$ 0.9999 (-0.01%)
Объем 24H $98.495b
Изменеия 24h: 0.00 %, 7d: 0.04 %
Cегодня L: $0.9999 - H: $1.0006
Капитализация $111.354b Rank 3
Цена в час новости $ 1.0007 (-0.08%)

these protocols tether traction significant lack redeem

Источник: beincrypto.com

these protocols → Результатов: 104


Evil Pepe or Wall Street Memes? Crypto Investors Are Investing in Both These Fanatical Meme Coins

Meme coins have become somewhat of a leader in the cryptocurrency industry as groundbreaking protocols take a backseat to meme-based culture in the bear market. One of the primary reasons is the fact that meme coins have the potential to explode, even during bear markets – something that utility tokens have struggled to achieve in […] The post Evil Pepe or Wall Street Memes? Crypto Investors Are Investing in Both These Fanatical Meme Coins appeared first on CaptainAltcoin.

2023-7-26 17:00


What features differentiate the top yield aggregators?

Yield aggregators are protocols that automate the process known as “yield farming.” Yield farming is the term used to define the following process: To invest in a protocol that will generate interest (or yield) To collect these returns, usually paid in the native token of the protocol where the capital is invested (also called “harvest”) […] The post What features differentiate the top yield aggregators? appeared first on CryptoSlate.

2022-10-12 06:00


Фото:

Telos Solution-driven EVM is Live For Smart Contracts and DeFi

Ethereum blockchain ushered in the era of smart contracts via the Ethereum Virtual Machine (EVM). Over the years, smart contracts have witnessed immense adoption including in the mainstream sector. Ranging from decentralized exchanges, staking pools, lending and insurance protocols, all of these have been pivoted with the aid of smart contracts. The Ethereum Virtual MachineRead More

2021-11-12 09:00


Фото:

Ciphertrace Report Shows Crypto Crime Moving to Defi

Ciphertrace, a blockchain analytics company, has announced that crypto-related crimes have moved to the realm of decentralized finance (defi) apps and protocols. Now, the impact these hacks and exploits represent is way bigger than the one classic hacks to centralized exchanges and other scams do, according to their latest “Cryptocurrency Crime and Anti-Money Laundering Report.” […]

2021-5-15 03:30


Researchers Expose Key Security Weaknesses on Crypto Exchanges That Need to Be Addressed

During Wired’s Black Hat Security Conference, held on Aug. 6, Aumasson and Shlomovits discussed three key flaws on crypto exchanges storage of users’ funds. According to their research, crypto exchanges are time and again falling to these weaknesses due to weak or failure to correctly implement the security protocols.

2020-8-11 19:48


From Lending to Synthetic Assets: How DeFi Can Change in 2020

DeFi made its claim to fame with lending protocols that offer attractive yields. As these rates normalize, new age financial products could propel the space to greater heights.  Stablecoins and Yield in a Volatile Year In the first six months of 2019, Bitcoin spiked from a biennial low of $3,200 to a range high of […] The post From Lending to Synthetic Assets: How DeFi Can Change in 2020 appeared first on Crypto Briefing.

2020-1-8 08:55


дальше еще 55 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

New Tether CEO Pledges to Release Real-Time Reserves Data

Newly appointed Tether CEO, Paolo Ardoino, plans to publish real-time data on the company's reserves starting in 2024 to increase transparency amid regulatory scrutiny. The post New Tether CEO Pledges to Release Real-Time Reserves Data appeared first on BeInCrypto.

Study Finds Troubling Links Between HTX and Binance

Deposits of USDT into HTX's JustLend product have preceded commensurate transfers of USDC to Binance since July, Kaiko Research says. The post Study Finds Troubling Links Between HTX and Binance appeared first on BeInCrypto.

Paolo Ardoino Promoted to CEO of Tether

Tether has appointed its CTO, Paolo Ardoino, as the new CEO, replacing Jean-Louis van der Velde who will take on an advisory role. Ardoino will also continue as CTO at Bitfinex. The post Paolo Ardoino Promoted to CEO of Tether appeared first on BeInCrypto.