Tether Retains Transferability of USDT on Five Blockchains
- Tether will not freeze USDT smart contracts on five chains but will stop issuing and redeeming tokens on these platforms.
- Tron and Ethereum lead in USDT adoption, with circulating supplies of $80.9 billion and $72.4 billion, respectively.
- Omni Layer is most affected, holding a net circulation of $82.9 million USDT, while EOS has $4.2 million.
- The total market cap of stablecoins stands at $285.9 billion, dominated by USDT at $167.4 billion.
- The U.S. Department of the Treasury anticipates the stablecoin market to reach $2 trillion by the year-end of the forecast period.
Tether’s decision to discontinue direct issuance aligns with its focus on supporting ecosystems with strong user demand and developer activity, primarily Tron and Ethereum.
With a significant portion of USDT supply concentrated in leading chains, Tether’s strategy reflects its commitment to maintaining relevance in a competitive stablecoin landscape where the total market cap is currently $285.9 billion.
