- Tether, a stablecoin issuer, is discontinuing its #bitcoin Omni Layer version due to declining user interest.
- Tether also plans to halt operations for its Bitcoin Cash and Kusama versions.
- Although new Tether tokens won't be issued on these platforms, the redemption process will remain accessible for a year.
- The Bitcoin Omni Layer is a smart contract system on the Bitcoin blockchain, with Tether becoming the first stablecoin on it in 2014.
- Tether acknowledges the historical significance of the Omni Layer and the challenges it faces due to lack of popularity and competition.
- Exchanges preferring other platforms over Omni contributed to reduced usage of #USDT Omni and its discontinuation.
- Tether hints at the possibility of reviving #Omni Layer if its usage sees a resurgence.
- #Tether is working on a new Bitcoin smart contract system named "RGB" and plans to reintroduce the token with an RGB version.
- Tether faces increasing competition, with PayPal's #PYUSD and Binance's FDUSD adding pressure to its dominance in the stablecoin market.
