Tether Shifts Focus to Community-Driven Blockchains, Discontinues USDT Support for Algorand and EOS
The company behind the largest USD-pegged stablecoin in terms of market cap has announced a shift in strategy towards community-driven blockchains.
In a recent press release, Tether emphasized its commitment to considering community interests when selecting blockchains for USDT deployment.
The firm prioritizes evaluating network security architecture to ensure the chosen blockchain’s safety, usability, and long-term sustainability. This approach aims to allocate resources effectively to enhance security and operational efficiency while fostering innovation within the cryptocurrency sector.
As part of this strategic adjustment, Tether has decided to discontinue USDT support on Algorand and EOS. The transition involves ceasing the minting of USDT on these platforms starting June 24, 2024.
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However, Tether will continue redeeming USDT on Algorand and EOS for the next 12 months, with potential further updates to be announced in due course.
Tether reaffirms its commitment to supporting crypto communities that benefit from USDT usage amid ongoing developments in the cryptocurrency landscape.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
