Tether to Stop USDT Support on Algorand and EOS Blockchain Networks
Stablecoin issuer Tether has officially announced its decision to stop issuing USDT on the Algorand and EOS public blockchains.
The support termination process will occur during a 12-month transition period.
Tether had previously signaled its strategic realignment model by stopping issuance of USDT on the Omni Network.
Tether Withdraws Support for Algorand and EOS
Tether announced that it will stop issuing USDT on the EOS and Algorand blockchains. This decision was made after extensive analysis of community interest, network sustainability, and overall usage. The firm's rigorous evaluation process aims to prioritize networks with strong security architectures, thereby increasing security, availability and maintainability.
Reasons Behind the Decision
According to Tether, the decision to withdraw support was made due to several factors. The firm emphasized the need to allocate its resources where it could significantly improve safety and efficiency. Apparently Algorand and EOS failed to meet Tether's strict conditions and therefore new USDT minting was immediately stopped on both blockchains. However, the USDT redemption will remain operational for the next 12 months, ensuring a smooth transition for users.
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