Tether Discontinues Bitcoin Stablecoin, Citing Lack of Usage

• Tether (USDT) stablecoin will no longer be issued on the Bitcoin Omni Layer, while redemptions will still be open for at least a year.
• The Bitcoin Cash BCH and Kusama KSM versions of USDT will also be discontinued.
• The issuer of stablecoin Tether cites lack of interest from users as the reason for discontinuation.

Tether Discontinues Bitcoin Stablecoin

The issuer of stablecoin Tether has announced that it will discontinue its Bitcoin Omni Layer version, citing a lack of interest from users. The Bitcoin Cash BCH and Kusama KSM versions of USDT will also be discontinued. Redemptions are still available for at least one year before further announcements are made about how the company plans to handle them afterwards.

Background on Omni Layer

Originally called “Mastercoin”, the Omni Layer is a smart contract system built on top of the Bitcoin blockchain which was released in July 2013, two years before Ethereum. In October 2014, it became home to the first stablecoin ever created – Tether’s USDT $1.00 version – quickly becoming the highest market cap stablecoin at that time and surpassing earlier projects such as BitUSD and NuBits.

Acknowledging Contribution & Innovations

In its announcement, Tether sought to acknowledge the important historical role that Omni Layer Tether played in crypto history by stating: “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.”

Reason For Discontinuation

                       
                                                                                                                                       
                                                                                    The team stated that due to lack of popular tokens as well as availability of USDT on other blockchains led exchanges to prefer other transport layers instead of Omni causing them to discontinue this version along with others like BCH-SLP and Kusama KSM .

PayPal’s Stablecoin Opens Door To Crypto Adoption In Traditional Finance

The discontinuation of these versions also opens up more room for services like PayPal’s staecoin which opened doors for crypto adoption in traditional finance markets around mid-2020s.. This could end up being beneficial in both ways for companies who wish to make their transactions digital but also keeping price volatility under control with cryptocurrency’s inherent nature allowing them to do so without too much hassle or risk involved through products like these types if coins .