The stablecoin issuer Tether announced it will stop accepting redemptions for USDT and EURT on multiple blockchain networks by September 1, 2025. This includes Omni, Kusama, SLP, EOS, and Algorand, as part of their strategy to enhance security and efficiency.
Tether, the largest stablecoin issuer by market cap, will also freeze all remaining USDT and EURT on these networks. Users are advised to redeem their holdings promptly. Tether’s decision is driven by the need to allocate resources effectively and support innovation in the crypto landscape.
Tether’s USDT holds a 69% share of the stablecoin market, valued at $112.3 billion. The move follows regulatory challenges in Europe, where MiCA led to USDT being delisted from several platforms. This strategic shift underscores Tether’s focus on maintaining its dominance by prioritizing networks with greater usage and community interest.
