Tether Plans to Cease USDT Redemptions on Bitcoin Cash, Algorand, and More

Tether, the issuer of the USDT stablecoin, has announced its intentions to discontinue support for USDT redemptions on several networks, including Bitcoin Cash SLP, Algorand, and EOS. These changes will be implemented in phases, beginning with gradual shutdowns later this year. The decision is aimed at streamlining Tether’s operational processes and focusing on the most widely used networks that contribute significantly to USDT’s overall utility. Tether will continue to support USDT redemptions on other blockchain networks, such as Ethereum, Tron, and Solana, where there is substantial usage of the stablecoin. Users affected by these changes will be notified prior to full implementation. Analysts anticipate that this decision may impact USDT liquidity on the affected networks. USDT holders on these networks are advised to assess their options and potentially migrate their assets to supported networks if necessary. Tether aims to emphasize its commitment to providing reliable and efficient stablecoin solutions, focusing on networks that meet market demands and high trading volumes.