legacy – Earlybirds Invest https://earlybirdsinvest.com Latest Crypto News Fri, 29 Aug 2025 22:06:36 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.7 https://i0.wp.com/earlybirdsinvest.com/wp-content/uploads/2024/12/cropped-New-Project-2024-12-17T235703.455.png?fit=32%2C32&ssl=1 legacy – Earlybirds Invest https://earlybirdsinvest.com 32 32 240146708 Tether abandons plan to freeze USDT on legacy crypto networks, classifies them ‘unsupported’ https://earlybirdsinvest.com/tether-abandons-plan-to-freeze-usdt-on-legacy-crypto-networks-classifies-them-unsupported/ https://earlybirdsinvest.com/tether-abandons-plan-to-freeze-usdt-on-legacy-crypto-networks-classifies-them-unsupported/#respond Fri, 29 Aug 2025 22:06:36 +0000 https://earlybirdsinvest.com/tether-abandons-plan-to-freeze-usdt-on-legacy-crypto-networks-classifies-them-unsupported/

Tether abandoned plans to freeze its dollar-pegged USDT tokens on several older blockchains and is choosing instead to classify them as “unsupported,” according to an Aug. 29 statement.

The change applies to networks such as Bitcoin Cash, Kusama, EOS, and Algorand, among others. Users will still be able to move tokens across wallets, but Tether will no longer issue or redeem USDT on those platforms.

The shift came after weeks of community pushback over the company’s original plan, which would have locked tokens in place and left them non-transferable.

‘Unsupported’ classification

In June, Tether had outlined a transition that would begin Sept. 1, 2025, with all USDT on the affected blockchains frozen and excluded from redemptions.

The move was framed as a way to streamline operations by cutting off support for networks that accounted for a negligible share of the stablecoin’s activity. Under that plan, tokens would have remained visible on-chain but effectively stranded without any movement or redemption path.

Following sustained criticism from developers and users on smaller ecosystems like EOS and Algorand, Tether retreated from a hard freeze. The firm said the revised approach “aligns with its broader strategy” while avoiding reputational damage.

The compromise allows Tether to wind down low-volume chains without provoking backlash from users who would have been locked out of their assets.

Pivot toward Bitcoin

The announcement came just one day after Tether disclosed plans to issue a native USDT on Bitcoin using the RGB protocol.

Unlike wrapped tokens that rely on custodial bridges, RGB integrates directly with Bitcoin’s scripting and client-side validation, making USDT part of the Bitcoin ecosystem’s security model.

USDT remains most heavily concentrated on Ethereum and Tron, each with more than $80 billion in circulation, alongside smaller footprints on Solana and a few other networks.

The decision to drop support for legacy chains signals tightening resources on platforms with higher adoption while staking new ground on Bitcoin.

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Tether to sunset USDT redemptions on 5 ‘legacy’ networks including Bitcoin Cash, Algorand https://earlybirdsinvest.com/tether-to-sunset-usdt-redemptions-on-5-legacy-networks-including-bitcoin-cash-algorand/ https://earlybirdsinvest.com/tether-to-sunset-usdt-redemptions-on-5-legacy-networks-including-bitcoin-cash-algorand/#respond Sat, 12 Jul 2025 01:34:29 +0000 https://earlybirdsinvest.com/tether-to-sunset-usdt-redemptions-on-5-legacy-networks-including-bitcoin-cash-algorand/

Tether announced it will discontinue support for its USDT stablecoin on five “legacy” blockchains, including Omni Layer, Bitcoin Cash SLP, Kusama, EOS, and Algorand.

According to the July 11 announcement, the move will become effective Sept. 1, ending redemptions and freezing remaining tokens on those networks.

The decision comes as part of what the company called an “infrastructure optimization” strategy, aiming to align with shifting community usage trends and refocus resources toward more active and scalable blockchains.

The move finalizes a phased withdrawal that began over the past two years. In 2023, Tether halted minting on Bitcoin Cash, Kusama, and Omni Layer and ended minting on Algorand and EOS (recently rebranded as Vaulta) last June.

Until now, however, it had continued to redeem tokens on these networks.

Tether CEO Paolo Ardoino said:

“As the digital asset ecosystem evolves, Tether remains committed to adapting alongside it. Sunsetting support for these legacy chains allows us to focus on platforms that offer greater scalability, developer activity, and community engagement, all key components for driving the next wave of stablecoin adoption.”

Tether emphasized that the five blockchains were instrumental in its early expansion but have seen a steep decline in USDT usage and trading volume in recent years. USDT remains the largest stablecoin in crypto with a market capitalization nearing $160 billion.

The company said it will prioritize emerging Layer 2 networks, such as the Lightning Network, and other high-utility chains to enhance interoperability, transaction speed, and ecosystem growth.

Tether advised customers to redeem their USDT holdings on the affected blockchains or request issuance on supported networks before the September cutoff. Holders not directly served by Tether can migrate through third-party service providers.

The stablecoin issuer added that it will continue exploring new integrations to broaden USDT accessibility globally and strengthen its infrastructure to meet evolving market demands.

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Axie Infinity Opens Enrollment For Atia’s Legacy Playtest https://earlybirdsinvest.com/axie-infinity-opens-enrollment-for-atias-legacy-playtest/ https://earlybirdsinvest.com/axie-infinity-opens-enrollment-for-atias-legacy-playtest/#respond Thu, 26 Jun 2025 11:13:35 +0000 https://earlybirdsinvest.com/axie-infinity-opens-enrollment-for-atias-legacy-playtest/

The popular play-to-earn (P2E) NFT gaming project Axie Infinity has begun the playtest enrollment for its newest massively multiplayer online game (MMO), Atia’s Legacy. According to a series of tweets from the project’s X account, playtesters must meet specific criteria to be eligible to participate.

Atia’s Legacy is an MMO designed in the Axie Universe of Lunacia. Players are allowed to make friends, build an army, become legends, and traverse open worlds. Axie Infinity announced the launch of the game in early March, and since then, developers have been working behind the scenes.

Only eligible Lunacians can gain access to the early version of the game. Lunacians are members of Lunacia, a digital nation of gamers that has been affected by centuries of war. Axie Infinity’s co-founder Jeffrey Zirlin, popularly known in the community as Jihoz, believes giving unlimited access to playtesters can backfire, especially when new participants have a rough first impression.

While millions of Lunacians and Web3 gamers declared interest in the playtest by registering, Axie Infinity is cautious about granting wide access to the game prototype at such an early stage.

Lunacians who qualify to participate in the playtest include Mystic Axie holders, the top 200 Axie score holders, and players with unbroken Atia’s Blessing streaks. Axie Infinity also intends to reach out to community leaders and players with a history of providing in-depth design feedback. 

The gaming developer has already sent emails to most of the Lunacians who qualify and has requested that players who are Mystic Axie holders not opt-in if they have already done so. While Mystic holders will be able to participate in the playtest with their Mystics, non-Mystic holders will only play with starter Axies.

For players who have not yet opted in, Axie Infinity’s directives instruct them to visit this page, enter their Ronin address as shown in the snapshot, input their Discord usernames, and confirm their interest in the playtest.

Eligible Axie users have until June 30 to complete the form, opt-in, and confirm that they are participating in playtesting. The Atia’s Legacy Summer Playtest has been scheduled for July 7 – users need to confirm their participation so the team can manage their expectations of server load.  

The latest announcement comes about two months after Axie Infinity launched a version of its game, Origins, on the App Store, designed explicitly for non-NFT holders. These updates continue to solidify Axie’s position as a leading player in the blockchain gaming space.

 

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Elon Musk departs DOGE: What is the legacy of DOGE now? https://earlybirdsinvest.com/elon-musk-departs-doge-what-is-the-legacy-of-doge-now/ https://earlybirdsinvest.com/elon-musk-departs-doge-what-is-the-legacy-of-doge-now/#respond Sat, 14 Jun 2025 20:34:33 +0000 https://earlybirdsinvest.com/elon-musk-departs-doge-what-is-the-legacy-of-doge-now/

Elon Musk may be gone from the Trump administration — and his friendship status with President Donald Trump may be at best uncertain — but his whirlwind stint in government certainly left its imprint.

The Department of Government Efficiency (DOGE), his pet government-slashing project, remains entrenched in Washington. During his 130-day tenure, Musk led DOGE in eliminating about 260,000 federal employee jobs and gutting agencies supporting scientific research and humanitarian aid.

But to date, DOGE claims to have saved the government $180 billion — well short of its ambitious (and frankly never realistic) target of cutting at least $2 trillion from the federal budget. And with Musk’s departure still fresh, there are reports that the federal government is trying to rehire federal workers who quit or were let go.

For Elaine Kamarck, senior fellow at the Brookings Institution, DOGE’s tactics will likely end up being disastrous in the long run. “DOGE came in with these huge cuts, which were not attached to a plan,” she told Today, Explained co-host Sean Rameswaram.

Kamarck knows all about making government more efficient. In the 1990s, she ran the Clinton administration’s Reinventing Government program. “I was Elon Musk,” she told Today, Explained. With the benefit of that experience, she assesses Musk’s record at DOGE, and what, if anything, the billionaire’s loud efforts at cutting government spending added up to.

Below is an excerpt of the conversation, edited for length and clarity. There’s much more in the full podcast, so listen to Today, Explained wherever you get podcasts, including Apple Podcasts, Pandora, and Spotify.

What do you think Elon Musk’s legacy is?

Well, he will not have totally, radically reshaped the federal government. Absolutely not. In fact, there’s a high probability that on January 20, 2029, when the next president takes over, the federal government is about the same size as it is now, and is probably doing the same stuff that it’s doing now. What he did manage to do was insert chaos, fear, and loathing into the federal workforce.

There was reporting in the Washington Post late last week that these cuts were so ineffective that the White House is actually reaching out to various federal employees who were laid off and asking them to come back, from the FDA to the IRS to even USAID. Which cuts are sticking at this point and which ones aren’t?

First of all, in a lot of cases, people went to court and the courts have reversed those earlier decisions. So the first thing that happened is, courts said, “No, no, no, you can’t do it this way. You have to bring them back.”

The second thing that happened is that Cabinet officers started to get confirmed by the Senate. And remember that a lot of the most spectacular DOGE stuff was happening in February. In February, these Cabinet secretaries were preparing for their Senate hearings. They weren’t on the job. Now that their Cabinet secretary’s home, what’s happening is they’re looking at these cuts and they’re saying, “No, no, no! We can’t live with these cuts because we have a mission to do.”

As the government tries to hire back the people they fired, they’re going to have a tough time, and they’re going to have a tough time for two reasons. First of all, they treated them like dirt, and they’ve said a lot of insulting things.

Second, most of the people who work for the federal government are highly skilled. They’re not paper pushers. We have computers to push our paper, right? They’re scientists. They’re engineers. They’re people with high skills, and guess what? They can get jobs outside the government. So there’s going to be real lasting damage to the government from the way they did this. And it’s analogous to the lasting damage that they’re causing at universities, where we now have top scientists who used to invent great cures for cancer and things like that, deciding to go find jobs in Europe because this culture has gotten so bad.

What happens to this agency now? Who’s in charge of it?

Well, what they’ve done is DOGE employees have been embedded in each of the organizations in the government, okay? And they basically — and the president himself has said this — they basically report to the Cabinet secretaries. So if you are in the Transportation Department, you have to make sure that Sean Duffy, who’s the secretary of transportation, agrees with you on what you want to do. And Sean Duffy has already had a fight during a Cabinet meeting with Elon Musk. You know that he has not been thrilled with the advice he’s gotten from DOGE. So from now on, DOGE is going to have to work hand in hand with Donald Trump’s appointed leaders.

And just to bring this around to what we’re here talking about now, they’re in this huge fight over wasteful spending with the so-called big, beautiful bill. Does this just look like the government as usual, ultimately?

It’s actually worse than normal. Because the deficit impacts are bigger than normal. It’s adding more to the deficit than previous bills have done.

And the second reason it’s worse than normal is that everybody is still living in a fantasy world. And the fantasy world says that somehow we can deal with our deficits by cutting waste, fraud, and abuse. That is pure nonsense. Let me say it: pure nonsense.

Where does most of the government money go? Does it go to some bureaucrats sitting on Pennsylvania Avenue? It goes to us. It goes to your grandmother and her Social Security and her Medicare. It goes to veterans in veterans benefits. It goes to Americans. That’s why it’s so hard to cut it. It’s so hard to cut it because it’s us.

And people are living on it. Now, there’s a whole other topic that nobody talks about, and it’s called entitlement reform, right? Could we reform Social Security? Could we make the retirement age go from 67 to 68? That would save a lot of money. Could we change the cost of living? Nobody, nobody, nobody is talking about that. And that’s because we are in this crazy, polarized environment where we can no longer have serious conversations about serious issues.

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Legacy forex, payments platforms ‘hate’ stablecoin adoption — Kevin O’Leary https://earlybirdsinvest.com/legacy-forex-payments-platforms-hate-stablecoin-adoption-kevin-oleary/ https://earlybirdsinvest.com/legacy-forex-payments-platforms-hate-stablecoin-adoption-kevin-oleary/#respond Thu, 15 May 2025 22:19:57 +0000 https://earlybirdsinvest.com/legacy-forex-payments-platforms-hate-stablecoin-adoption-kevin-oleary/

Global foreign exchange and payments platforms are lobbying hard against stablecoins, which stand to significantly disrupt their business models, investor Kevin O’Leary said during a keynote address at Consensus 2025.

Legacy forex and payments platforms often extract large fees for servicing cross-border cash transfers and stand to lose out on revenue if regulated stablecoins become accepted as a cheaper, faster alternative, O’Leary said at the Toronto conference. 

“Currency trading is a multi-trillion dollar market — and it’s old and ugly and inefficient,” O’Leary said, adding that “[ t]he biggest threat to that monopoly or oligopoly is a regulated stablecoin.” 

“Once that’s approved, the multi-trillion dollar FX market becomes efficient, transparent, and inexpensive,” he said. 

Kevin O’Leary speaking at Consensus. Source: Cointelegraph

Stablecoin legislation

US lawmakers are working on legislation that stands to accelerate global stablecoin adoption, O’Leary added. 

US Senators are aiming to pass the so-called Genius Act — a framework for regulating stablecoins — before the end of May. “As soon as the SEC approves the stablecoin act, every regulator in the US’s circle — Abu Dhabi, Switzerland, England — will follow,” O’Leary said.

“Who’s worried about this? The financial services industry. They hate this idea, and they’re working very hard to stop that bill from happening right now,” he added.

O’Leary said regulatory clarity for stablecoins may be a precursor to broader cryptocurrency reform that could potentially unlock trillions of dollars in institutional capital.

“When this language comes out, people will see really good refinement, a lot of progress, on things like consumer protection, bankruptcy protection, and ethics,” US Senator Kirsten Gillibrand said during an event hosted by Coinbase’s lobbying arm, Stand with Crypto.

As of May 15, stablecoins are collectively worth nearly $250 billion in market capitalization, according to data from CoinGecko. Tether’s US-dollar pegged stablecoin USDT is the leader, with a market cap of around $150 million, the data showed. It’s followed by Circle’s USDC, another US-dollar pegged stablecoin with a market cap of more than $60 billion.

Magazine: Bitcoin to $1M ‘by 2029,’ CIA tips its hat to Bitcoin: Hodler’s Digest, April 27 – May 3

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SEC Crypto Task Force live-streaming roundtable to find ‘solution’ to Gensler’s legacy https://earlybirdsinvest.com/sec-crypto-task-force-live-streaming-roundtable-to-find-solution-to-genslers-legacy/ https://earlybirdsinvest.com/sec-crypto-task-force-live-streaming-roundtable-to-find-solution-to-genslers-legacy/#respond Tue, 04 Mar 2025 08:42:49 +0000 https://earlybirdsinvest.com/sec-crypto-task-force-live-streaming-roundtable-to-find-solution-to-genslers-legacy/

The US SEC announced Monday that its Crypto Task Force will host a series of roundtables addressing key regulatory areas for digital assets. The inaugural session, focused on defining security status, will take place on March 21.

The first event in the “Spring Sprint Toward Crypto Clarity” series will be open to the public from 1:00 P.M. to 5:00 P.M. at SEC headquarters in Washington, D.C. The session will be streamed live on SEC.gov, and a recording will be posted later. Attendees can also participate in unbroadcast small group breakout discussions.

“I am looking forward to drawing on the expertise of the public in developing a workable regulatory framework for crypto,” said Commissioner Hester M. Peirce, who leads the task force. “The roundtables are an important part of our engagement with the public.”

Acting SEC Chairman Mark T. Uyeda launched the Crypto Task Force on January 21 to establish clear regulatory lines, provide realistic paths to registration, craft sensible disclosure frameworks, and deploy enforcement resources judiciously.

This marks the start of the significant policy shift in the SEC’s approach to crypto regulation promised by President Trump. The task force aims to provide clarity on applying federal securities laws to the crypto market while recommending practical policy measures that balance innovation with investor protection.

Commissioner Peirce simultaneously announced the task force’s staff members, bringing together expertise across the Commission. The team includes Richard Gabbert as Chief of Staff, Michael Selig as Chief Counsel, and Taylor Asher as Chief Policy Advisor, alongside eleven senior advisors with diverse regulatory backgrounds.

“The Crypto Task Force exhibits deep expertise and an enthusiastic commitment to identifying—with the help of other talented staff across the Commission and interested members of the public—workable solutions to difficult crypto regulatory problems,” Peirce stated.

Several key appointees bring notable industry experience to the initiative. Michael Selig previously advised clients on securities compliance for crypto exchanges and stablecoin operators at Willkie Farr & Gallagher’s Digital Works practice. Landon Zinda, now a Senior Advisor, formerly served as Policy Director at crypto advocacy group Coin Center.

The task force’s composition reflects a deliberate balance between regulatory rigor and industry pragmatism, contrasting with the SEC’s recent enforcement-heavy approach that resulted in significant fines throughout 2024.

The March 21 roundtable, “How We Got Here and How We Get Out—Defining Security Status,” addresses one of the most contentious issues in crypto regulation: determining when digital assets constitute securities subject to SEC oversight. This fundamental question has been central to numerous enforcement actions and legal challenges in recent years.

Members of the public can communicate directly with the task force and request meetings through the SEC’s dedicated portal. The Commission will post additional information regarding the roundtable agenda and speakers on the Crypto Task Force webpage in the coming days.

The task force will coordinate with relevant government regulators to clearly define securities and non-securities in the crypto space.

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