The Tether team, the company that issues the token pegged to the price of the USDT dollar, announced today that it is abandoning support for 3 cryptocurrency networks.
“As a principled organization, we must be consistent and transparent, and adhere to open processes, even if it involves difficult decisions,” argued Paolo Ardoino, CTO of Tether, through a statement.
Of the 3 networks that Tether abandons, OmniLayer is the most striking, because it was the first network to offer support for USDT when it emerged in 2014. Omni Layer is a second layer Bitcoin network that allows its users to create and distribute tokens , run smart contracts and launch decentralized applications (dApps). “This decision hurts especially when it comes to the initial Omni Layer transport layer,” Ardoino said.
Another network that will be left behind for the issuance, distribution and exchange of USDT tokens is BCH-LSP (Simple Ledger Protocol), a layer that allows users to create and issue tokens that are based on the Bitcoin Cash protocol. Tether began supporting Bitcoin Cash in 2020
