As an experienced financial analyst, I closely monitor the developments in the digital asset market. The recent announcement by Tether, the leading stablecoin issuer, regarding the sunsetting of USDT and EURT support on multiple blockchains is a noteworthy event that could significantly impact various stakeholders.
Tether, the stablecoin issuer, has announced the schedule for ending its assistance for USDT and EURT on various blockchains.
Starting from September 1, 2025, Tether, the leading stablecoin issuer in terms of market capitalization, will no longer be required to honor redemptions of USDT and EURT on the Omni, Kusama, SLP, EOS, and Algorand platforms.
Tether has announced that they will discontinue support for certain networks as part of their mission to optimally allocate resources for heightened security, efficiency, and ongoing innovation in the cryptocurrency sector. Consequently, redemptions are no longer available, and all remaining USDT and EURT on these networks will be frozen on the same date. I strongly advise investors to redeem their holdings promptly before this date to avoid any potential disruptions.
Non-customer holders of USDT and EURT have the option to transfer their holdings to a compatible blockchain using a designated service provider, in line with each provider’s specific terms.
Background and impact
In mid-June, Tether revealed plans to modify the blockchain networks it works with, explaining that this decision was driven by the need to strike a balance between maintainability, usage, and community engagement. Aside from those mentioned, Tether’s stablecoins are compatible with Ethereum, TRON, Solana, and Tezos.
As an analyst, I’ve examined the latest figures from DefiLlama, and I can tell you that Tether’s USDT stablecoin commands a significant 69% dominance in the stablecoin sector, with a total market value amounting to approximately $112.3 billion.
Tether is facing difficulties in Europe, resulting in its choice to discontinue support on various networks. The recent regulatory development, MiCA or Markets in Crypto Assets Regulation, has caused USDT’s removal from some trading platforms in the US. Previously, Tether CEO Paolo Ardoino admitted that MiCA presents challenging demands for the company.
Read More
- BODEN PREDICTION. BODEN cryptocurrency
- GHST PREDICTION. GHST cryptocurrency
- BETA PREDICTION. BETA cryptocurrency
- STRD PREDICTION. STRD cryptocurrency
- Mango Markets Exploiter Found Guilty Of Fraud And Manipulation
- GBP EUR PREDICTION
- MATIC PREDICTION. MATIC cryptocurrency
- LOOKS PREDICTION. LOOKS cryptocurrency
- BRN/USD
- TNSR PREDICTION. TNSR cryptocurrency
2024-07-11 16:51