Tether shimmies away from Kusama, Bitcoin Cash SLP, and Omni Layer while embracing Bitcoin’s dance, as stablecoin rivals heat up the crypto floor.
- Tether makes waves, ditches Kusama, Bitcoin Cash SLP, and Omni Layer support for its stablecoins.
- Omni Layer, once a Bitcoin dance floor, faced challenges with limited tokens, prompting platform changes.
- Tether still eyes Omni Layer’s potential for decentralized exchanges and NFTs, may return in the future.
- Tether pledges love for Bitcoin, supports Bitcoin’s Layer 2 and 3 dance with RGB system, while stablecoin competition heats up.
Hold onto your crypto hats, folks! Tether’s making moves, waltzing away from some platforms but twirling its way into a more dazzling Bitcoin dance, all while new stablecoin contenders join the party.
Ahoy, fellow crypto enthusiasts! Prepare to be dazzled and charmed as we delve into the sensational world of Tether – that trusty sidekick in the crypto universe. Imagine this: Tether, the stablecoin superstar, has just dropped a bombshell announcement that’s causing ripples in the digital waters.
Today #Tether announces the ending of the support of 3 blockchains $USDt: OmniLayer, BCH-SLP and Kusama.
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
— Paolo Ardoino 🍐 (@paoloardoino) August 17, 2023
Tether Changes Partnership
So here’s the lowdown: Tether’s decided to switch up its dance partners, bidding adieu to Kusama, Bitcoin Cash SLP, and the Omni Layer platforms. It’s like Tether’s trading in its old shoes for some snazzy new ones, all in the name of keeping up with the ever-evolving crypto rhythm.
Let’s rewind the clock a bit. Back in the day (well, 2014 to be precise), Tether strutted its stuff onto the dance floor using the Omni Layer – a bit like joining a dance competition with your first-ever dance move. It was built on the mighty Bitcoin blockchain and served as Tether’s stepping stone into the world of transport layers. Tether even gave a virtual high-five to the Omni Layer team for their dance floor innovations!
But, just like in any dance, there were twists and turns. Over time, the Omni Layer faced its fair share of hurdles, like not enough tokens joining the dance party and new, snazzier blockchains entering the scene. Imagine showing up to a disco with an 80s cassette player – yeah, not as cool as a DJ spinning fresh beats.
As a result, exchanges started to gravitate towards other dance floors, leaving the Omni Layer feeling a bit like a wallflower. Tether’s trusty USDT token found new dance partners elsewhere, and the Omni Layer felt a tad lonely.
But fear not, dear crypto fans, because Tether hasn’t left the Omni Layer in the dust! Oh no, it still believes in the power of this dance floor, especially when it comes to decentralized exchanges and the world of token issuance – even those trendy NFTs.
In fact, Tether dropped a hint that it might just waltz back onto the Omni Layer stage if the right music starts playing. Talk about keeping the dance card open!
Now, while Tether’s doing the cha-cha away from some platforms, it’s not forgetting its original dance partner – Bitcoin. Tether’s commitment to the Bitcoin party is stronger than ever, and it’s even practicing some fancy moves on Bitcoin’s Layer 2 and 3 dance floors. Think of it as Bitcoin and Tether doing a synchronized tango!
Hold onto your dance shoes, because Tether’s making more moves! Starting from August 17th, it’s stopping the minting (that’s creating, in non-crypto speak) of USDT-Omni, USDT-Kusama, and USDT-BCHSLP tokens. But don’t worry, you can still get your groove on – Tether’s letting you exchange these tokens for other ones on compatible dance floors.
To Sum it All Up….
And that’s not all, my crypto comrades! 2023 has brought a storm of new contenders to the stablecoin dance floor. PayPal’s in the cha-cha ring with its own stablecoin, and First Digital USD just joined the salsa. Oh, and guess what? Tether’s showing off some serious moves too, reporting a whopping $1 billion in revenue.
So there you have it, the Tether tango – a dance of twists, turns, and a sprinkle of sparkle. As we watch Tether do the crypto cha-cha, remember, the dance floor of the digital world is ever-changing, and who knows what dazzling moves await us next? Grab your stablecoins and let’s dance through the crypto disco together!