Tether Stop Di USDT Issuance for Five Chains, E Still De Keep Transfers
Tether don stop di issuance and redemption of USDT for five chains but transfer still dey active. Dis move follow wetin community talk and e align with Tether plan wey focus on blockchains like Tron and Ethereum wey get high demand. Dem don stop to issue USDT for Omni Layer, EOS, Algorand, Kusama and Bitcoin Cash SLP but still fit transfer existing balance. All dis chains get less than $90 million USDT together, Omni carry $82.9 million and EOS get $4.2 million. Tron and Ethereum dey still dey dominate wit $80.9 billion and $72.4 billion for circulation, follow after na BNB Chain wey get $6.78 billion. Other networks like Solana, Arbitrum and Base mainly dey use USDC. Since August 2023, Tether don dey reduce support for small chains and dem stop minting for EOS and Algorand in June 2024. Traders make dem dey watch liquidity and integration well well cos limited USDT issuance fit affect market access.
Neutral
Di decision we dem take stop USDT issuance for five small chains but still allow transfer no go really affect di overall supply or price of USDT. Most of di USDT dey for Tron and Ethereum, so short-term liquidity wahala dey limited to small networks wey get less than $90 million. For long-term, market behaviour suppose remain stable as di big chain support dey and demand for USDT still dey. So, dis news na market neutral for USDT.