Stablecoin issuer Tether (USDT) is planning to stop supporting two major blockchain networks.
Why Tether stopped supporting Algorand and EOS
Tether made this decision to ensure community interest, maintainability and usability. The company stated that before placing USDT on any blockchain network, certain details must be taken into consideration, such as network security. This is to ensure the safety of use and sustainability of the chosen blockchain.
“Our goal is to allocate resources where they can best promote security and efficiency while continuing to support innovation across the cryptocurrency landscape,” Tether said.
We conclude that the Algorand and EOS networks could not meet most of the conditions of these considerations. For this reason, the company will suspend minting USDT on both networks. However, Tether will allow its stablecoin USDT to be redeemed from both networks over the next year.
Tether said that there are more changes regarding this matter that will be announced soon. The company emphasizes ensuring a smooth transition from both the Algorand and EOS blockchains.
After deleting Algorand and EOS, USDT stablecoin holders are left with the following networks: Avalanche, Celo, Kava (Cosmos), Ethereum, Liquid Network, NEAR, Polkadot, Solana, Tezos, TON, and Tron.
Knowing that this is not the first time for Tether to make such decisions.
Seamless transfer of USDT stablecoin between networks
Last year, Tether announced that it would stop supporting its stablecoin USDT on the Bitcoin blockchain. The currency issuer said it will stop minting USDT on the Omni network that includes the BTC variant, Kusama, and Bitcoin Cash Simple Ledger Protocol (BCH-SLP) starting August 17, 2023.
As is expected to happen with the EOS and Algorand networks. The company also maintained the redemption mechanism of USDT-Omni, USDT-Kusama and USDT-BCHSLP for one year.
As we previously told you, Tether has integrated its USDT stablecoin into the Toncoin blockchain via the Binance platform. That is why the aforementioned platform now offers deposit and withdrawal services for USDT.
This integration of the stablecoin on the Toncoin blockchain will provide great services to the network and wider respect in the cryptocurrency community.
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