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.