Hey Wallet, the non-custodial Solana-based social wallet, has announced it will be shutting down all of its products after nearly five years of operation.

 

Hey Wallet, which was launched in 2021 during a Solana hackathon, was founded to make sending cryptocurrencies as simple as using social media by allowing people to transfer SOL directly via Twitter/X handles.

 

Thus, instead of having to copy long wallet addresses, Hey Wallet leverages users' X handles or social usernames. Since it was linked to users' social accounts, Hey Wallet enabled transactions to occur seamlessly in-app through users' social accounts, while allowing users to retain control of their private keys.

 

Although the team did not explicitly state the reason for the closure, Hey Wallet's shutdown comes at a time when several crypto companies, including crypto wallets, have shut down or strategically pivoted into other sectors such as AI.

 

On September 1 of this year, the non-custodial wallet Cosmostation ceased its operations after previously announcing that users should export their private keys and assets before the shutdown, a similar move made by Cyberwallet last month.

 

Other crypto wallets, such as Magic Eden Wallet, have had to repivot and change their operational focus, shifting from being a multi-chain wallet to a Solana-focused wallet.

 

Coinbase and MetaMask have also made similar changes to their wallet operations. For Coinbase, the Base App was rebranded back to Coinbase Wallet, with a focus on multi-chain trading, while MetaMask split from its parent company, Consensys, and continued operating as an independent consumer-focused wallet company.

 

Tether, the world’s largest stablecoin issuer, has announced plans to shut down its Alloy platform, along with the platform’s main product, Alloy Tether (aUSDT).

 

According to Tether, the decision was based on a review of user activity levels, market demand, and the company’s broader priorities, with the team planning to focus its resources on areas where it sees stronger user demand, deeper liquidity, and longer-term market opportunity.

 

The wind-down will take place in phases, with Tether disabling both aUSDT minting and the opening of new positions on the Alloy platform. Users will, however, be able to continue redeeming their aUSDT and withdrawing their Tether Gold (XAUT) collateral from the Alloy platform for the next three months, until September 17, 2026.

 

This is not the first time Tether has shut down one of its products. In 2024, the stablecoin issuer discontinued its euro-pegged stablecoin, Euro Tether (EURT), citing low demand. In February of this year, it discontinued issuing its yuan-pegged stablecoin, Chinese Yuan Tether (CNHT), due to low demand and usage.

 

About Alloy 

Alloy by Tether is an open platform launched by Tether that allows users to create Tethered assets, a category of digital assets designed to track the price of referenced assets such as the United States dollar, using over-collateralized assets like Tether Gold (XAUT).