Tether to End USDT Redemptions on Bitcoin Cash, Algorand and Beyond
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.
Now, Tether has put a hard end date on its stablecoin support on the group of five “legacy” blockchains as part of its efforts to “optimize infrastructure, align with community usage trends, and refocus resources toward high-utility, actively developed blockchains.”
The firm acknowledged that while the networks supported Tether’s early growth, the share of trading volume for its stablecoin has declined dramatically in the last few years.
“As the digital asset ecosystem evolves, Tether remains committed to adapting alongside it,” said Tether CEO Paolo Ardoino in a statement. “Sunsetting support for these legacy chains allows us to focus on platforms that offer greater scalability, developer activity, and community engagement—all key components for driving the next wave of stablecoin adoption.”
Holders of USDT on the aforementioned blockchains are encouraged to redeem their tokens as soon as they can, or request an issuance of USDT on a supported blockchain.
Moving forward, it plans to focus its support for layer-2 networks and growing blockchain ecosystems.
Stablecoins have been a key theme in the crypto industry of late, highlighted by the U.S. push for regulatory clarity for the tokens with the GENIUS Act. U.S. Treasury Secretary Scott Bessent recently suggested that the tokens–which are typically anchored to the price of the U.S. dollar–could help bolster U.S. dollar supremacy.
Tether’s USDT stablecoin is the largest stablecoin in crypto with nearly $160 billion in minted stablecoins in circulation according to CoinGecko’s market capitalization data.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Netflix plummets! Earnings guidance misses expectations, revenue growth expected to decline for four consecutive quarters, ad revenue lowered by $300 million | Earnings Report Insights
Netflix's Q3 revenue reached $12.9 billion, up 11.8% year-on-year; net profit was $3.66 billion, an increase of 43.8% year-on-year. The company expects Q4 revenue to be $13.4 billion, with the growth rate slowing to 11.5% for the fourth consecutive quarter. Q4 net profit is projected to be $2.787 billion, lower than market expectations. Netflix has lowered its 2026 advertising revenue forecast from $3 billion to $2.7 billion. Netflix shares fell more than 5% after hours.
Report: Anthropic to Invest Over $600 Billion in Computing Power. The company generated $16.3 billion in revenue in the first half of the year, with approximately $9 billion spent on computing power.
Anthropic is preparing for a historic IPO with a valuation between 1.5 and 2 trillion yuan, aiming to go public in November. For the first half of 2026, net losses reached 80.7 billion USD (mainly due to accounting provisions), with revenue at 16.3 billion USD; third-quarter revenue grew by 45% quarter-on-quarter to 16.8 billion USD. The company's total commitment to computing power expenditures exceeds 600 billion USD, covering agreements with Google Cloud, AWS, Microsoft, and Nvidia chip leasing. Although the company claims to have achieved adjusted positive profits in the second quarter, enormous rigid computing costs and a lack of financial transparency remain core risks for investors.
Bitcoin rebounds 1.5% as US-Iran deal hopes add $526.6 million ETF inflow
Crypto prices
More
