Crypto Chaos: When Tether Decides to Ghost Five Blockchains 😱💸

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So, here’s the tea ☕️: Tether, the stablecoin’s equivalent of a clingy ex, has suddenly decided to ditch its plan to freeze USDT smart contracts on not one, not two, but FIVE blockchains. Yep, tokens will still be transferable (because who likes totally breaking up?), but no more issuing or redeeming. Emojis for “awkward” go right here 👉🙄.

This spicy update affects the cool kids hanging out on Omni Layer, Bitcoin Cash SLP, Kusama, EOS, and Algorand. Tether spilled the beans on Friday after taking some serious community feedback-which, shocker, they listened to! “Following the feedback from the communities of these discontinued blockchains, Tether has revised this approach and will not freeze the smart contracts on these networks.” Translation: We had a plan, y’all showed us receipts, so we backed off. Classic.

So while you can still shuffle those tokens around like you’re playing hot potato, Tether is saying “See ya!” to direct issuance and redemption on these platforms. Basically, these tokens will no longer be the “it” kids in the stablecoin high school. Originally, this breakup was scheduled for September 1. Mark your calendars or don’t, your choice.

Tether blockchain breakup

Now, this isn’t some impulsive breakup. It’s part of Tether’s “big picture” so they can focus on crypto ecosystems where the devs are actually doing something useful, scalability isn’t just a buzzword, and users actually want their coins around-because who doesn’t love a bit of drama with a positive side? Tron and Ethereum get all the love because they’ve got the numbers and the charm, unlike those smaller blockchains that are basically the crypto equivalent of that one cousin who never shows up to family events.

Tron and Ethereum: The Cool Kids Holding the USDT Crown 👑

Tron and Ethereum have a whopping $80.9 billion and $72.4 billion of USDT tokens swirling around like it’s the hottest party in crypto town. BNB Chain is hanging out at number three with $6.78 billion, which is cute. Meanwhile, Solana and those hip Ethereum layer-2 chains Arbitrum and Base are doing their own thing with Circle’s USDC stablecoin-which, let’s face it, is kind of like wearing a different designer label.

Omni Layer’s Wallet Might Cry a Little 😢

Among these unlucky five, Omni Layer takes the biggest hit with $82.9 million USDT chilling there. The others-EOS with $4.2 million, and Bitcoin Cash SLP, Algorand, and Kusama barely breaking $1 million-will barely feel the pinch. It’s like selling off your Beanie Baby collection while forgetting you even owned them.

And, just in case you were wondering, this slow fade-out has been in the works for a good two years. Back in August 2023, Tether stopped issuing USDT on Omni Layer, Kusama, and Bitcoin Cash SLP. And by June 2024, they hit the brakes on EOS and Algorand too. Talk about a drawn-out breakup saga.

For some perspective, the stablecoin market is currently rocking a $285.9 billion market cap, with USDT and USDC duking it out at $167.4 billion and $71.5 billion, respectively. Quite the heavyweight fight, really.

Stablecoins: The Dollar’s Latest Wingman 💵✨

And just when you thought stablecoins couldn’t get any juicier, last month former President Donald Trump popped in to sign the GENIUS Act into law. This move is expected to turbocharge the US dollar’s dominance by backing stablecoins pegged to the greenback, threatening to leave other currencies in the cryptodust. The US Treasury even predicts stablecoins will balloon to a staggering $2 trillion by 2028. That’s one heck of a growth spurt.

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2025-08-30 04:01