Tether, the leading stablecoin, announced on June 24 that it will no longer support the EOS and Algorand (ALGO) networks. In response to this adjustment, it will stop minting USDT on these chains from now on.
Tether stops supporting EOS and Algorand
Tether officially stated that it is committed to maintaining a strong and innovative blockchain ecosystem for USDT and all other tokens issued. To uphold this commitment, Tether continuously evaluates the current transport layer, striving to strike a balance between maintainability, usage, and community interest.
Community interest plays a key role when it comes to bringing USDT to a specific blockchain. Tether said it will carefully evaluate the network's security architecture to ensure the security, availability and sustainability of the selected blockchain. Its goal is to allocate resources where they can best improve security and efficiency while continuing to support Innovation in cryptography.
After careful consideration, Tether has decided to stop supporting EOS and Algorand implementations.
Tether will continue to support protocols and chains that the community finds useful and encourages the community to expand the use cases of USDT on each protocol.
Continuous redemption within 12 months
This transition will take place in the following steps:
Tether will stop minting USDT on EOS and Algorand starting today, June 24, 2024.
Tether will continue to redeem USDT on EOS and Algorand as usual over the next 12 months. Further changes may be evaluated and announced at that time.
We assure the community that this transition will be carefully executed with minimal disruption. Our highest priority is to provide a seamless user experience and are committed to facilitating a frictionless transition. We sincerely thank you for your continued support and trust in Tether. Together we will pave the way for a more sustainable and democratic financial system for the world.
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Original article: https://cn.cryptonews.com/news/tether-stops-issuing-usdt-on-eos-and-algorand.htm
