#Tether Halts USDT Issuance on Kusama, Bitcoin Cash, and Omni Layer Networks

On August 17th, Tether, the stablecoin issuer, announced the suspension of USDT issuance within the ecosystems of Kusama, Bitcoin Cash SLP, and Omni Layer.

Explaining their decision, Tether representatives stated, "If a blockchain lacks significant support over an extended period and shows no signs of recovery, its usage becomes ineffective and may jeopardize our security."

The company will continue to redeem tokens from these networks for at least a year. Users can also exchange coins for USDT from other blockchains through various exchanges. The Omni project was the first protocol Tether used to issue stablecoins on the Bitcoin network. The company left the possibility open to revisit this decision regarding the Omni project in the future.

Tether emphasized its ongoing involvement in the development of RGB smart contracts, which allow for building 2nd and 3rd layers on top of the Bitcoin blockchain.

"We firmly believe that RGB will usher in a new era for cryptocurrencies, smart contracts, and digital rights, receiving comprehensive support from major players in our industry. Once USDT is operational on RGB, the world will witness the asset on another powerful and scalable layer," concluded Tether.

Recalling the end of July, the stablecoin issuer reported a net profit of $850 million in the second quarter.