Bitcoin Cash

Kusama

Bitcoin

First Digital USD

Omni

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  The Tether (USDT) stablecoin will no longer be issued on the Bitcoin Omni Layer, while redemptions will still be open for at least a year. 
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<div class="cointelegraph"> 
 <p>The issuer of <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a> Tether (USDT) will dis<a rel="noopener noreferrer nofollow" title="continue" href="https://thebittimes.com/tag/continue.html">continue</a> its Bitcoin (BTC) Omni Layer version, <a rel="noopener noreferrer nofollow" title="citing" href="https://thebittimes.com/tag/citing.html">citing</a> lack of interest from users. This Bitcoin version of Tether was one of the first <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a>s ever created. The Bitcoin Cash (BCH) and Kusama (KSM) versions will also be dis<a rel="noopener noreferrer nofollow" title="continue" href="https://thebittimes.com/tag/continue.html">continue</a>d, according to an August 17 announcement from the team.</p> 
 <blockquote class="twitter-tweet"> 
  <p lang="en" dir="ltr">Today #Tether announces the ending of the support of 3 blockchains $USDt: OmniLayer, BCH-SLP and Kusama.<br>Customers will be able to continue to redeem and swap $USDt tokens (to another of the many supported blockchains), but Tether won't issue any new additional $USDt on those 3… https://t.co/aghLgqtSuO</p>— Paolo Ardoino (@paoloardoino) August 17, 2023 
 </blockquote> 
 <p>According to the announcement, no new Tether tokens will be issued on the Bitcoin Omni layer, Kusama, or Bitcoin Cash going forward. Redemptions will remain available for at least a year, and the company will issue further announcements before the year has passed as to how they will handle redemptions after that point.</p> 
 <p>The Bitcoin Omni Layer is a smart contract system built on top of the Bitcoin blockchain. Originally called “Mastercoin,” it was released in July, 2013, a full two years before Ethereum. Tether Omni Layer became the first <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a> to be released on the system in October, 2014. It quickly grew to be the highest market cap <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a>, surpassing earlier <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a>s such as BitUSD and NuBits.</p> 
 <p>In its August 17 announcement, Tether sought to acknowledge the important historical role that Tether Omni Layer played in crypto history, stating:</p> 
 <blockquote>
   “We understand the significance of this decision, particularly for Omni, as it was the first transport layer that Tether used in 2014. The Omni Layer, built on top of Bitcoin, played a crucial role in Tether's early journey, and we acknowledge the contributions and innovations the team has made to the crypto landscape.” 
 </blockquote> 
 <p><strong>Related: </strong><strong>PayPal’s stablecoin opens door for crypto adoption in traditional finance</strong></p> 
 <p>However, the team stated that Omni layer “faced challenges due to the lack of popular tokens and the availability of USD₮ on other blockchains.” This led exchanges to use other transport layers instead of Omni, which in turn led to a decline of USDT Omni <a rel="noopener noreferrer nofollow" title="usage" href="https://thebittimes.com/tag/usage.html">usage</a> and forcing the company to end its issuance.</p> 
 <p>Tether claimed that it would consider reissuing the Omni Layer version if <a rel="noopener noreferrer nofollow" title="usage" href="https://thebittimes.com/tag/usage.html">usage</a> of Omni picks up. They also stated that they are working on a new Bitcoin smart contract system called “RGB,” and that they plan to reissue Tether in an RGB version once it is completed, bringing Tether back to the Bitcoin blockchain.</p> 
 <p>Competition between <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a>s has been heating up in 2023, challenging Tether’s dominance. Paypal released its Paypal US Dollar (PYUSD) on August 7, and Binance listed First Digital USD (FDUSD) on July 26.</p> 
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Tether discontinues Bitcoin stablecoin, citing lack of usage

TheBitTimes

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