Tether is ending redemptions for USDt on five legacy blockchains starting Sept. 1. The move affects users of Omni Layer, Bitcoin Cash SLP, Kusama, EOS (now Vaulta), and Algorand. Tether’s CEO cited scalability, developer activity, and community engagement as reasons for the change. USDt has a market capitalization of $139.4 billion. Omni Layer holds $82.9 million USDt, while other networks have smaller amounts.

On Algorand, USDt is the third-most-popular stablecoin. USD Coin (USDC) is the most popular, with a larger market cap on the Algorand network. Algorand Foundation assured users of no disruption, as Tether stopped offering USDt on Algorand last year. Algorand’s revenue in the past 30 days was $42,300. Tether cited lack of usage as the reason for discontinuing, especially on the Omni Layer.

Read more at Cointelegraph.: Tether to Discontinue USDt on Five Legacy Blockchains