The leading stablecoin in the industry, Tether, has announced a halt in minting and redemptions for USDT-Omni, USDT-Kusama, and USDT-BCH-SLP for at least the next 12 months.
This transition, scheduled for August 17, 2023, stems from a meticulous assessment of community engagement, security considerations, and operational efficiency. Despite Omni’s historical significance, the decreasing usage of USD₮ on the Bitcoin platform through the Omni Layer has led to this decision.
Tether is committed to ensuring a seamless user experience during this transitional phase, allowing redemptions and swaps for a period of one year. The primary focus remains on innovation, as demonstrated by the ongoing contributions to RGB, a revolutionary Layer 2 and 3 ecosystem for Bitcoin.
This move by Tether reflects a proactive approach to prioritize security, efficiency, and user experience, showcasing its commitment to innovation through initiatives like RGB for the evolving landscape of stablecoin adoption.
Also Read: Coinbase Will Suspend Trading of Tether, RAI, and DAI in Canada
