Tether stops minting USDT on EOS and Algorand gives 1 year for redemptions

Share This Post

Tether, the issuer of USD₮ tokens, is shifting its focus towards “enhancing community-driven blockchain support.” As part of this strategic transition, Tether will cease support for the EOS and Algorand implementations.

In line with its commitment to maintaining a robust and innovative blockchain ecosystem, Tether stated that it consistently evaluates current transport layers to balance maintainability, usage, and community interest. This strategic move highlights the importance of community interest in determining the deployment of USD₮ on specific blockchains.

Security architecture and usability are reportedly critical factors in Tether’s evaluation process for blockchain networks. By prioritizing these aspects, Tether aims to allocate resources effectively to bolster security and efficiency while supporting innovation in the crypto landscape.

Effective immediately, Tether will no longer mint USD₮ on EOS and Algorand, with the redemption of USD₮ on these platforms continuing for the next 12 months. This period aims for a minimally disruptive transition.

According to on-chain data, there is only $17 million USDT across 39,000 holders on Algorand with a reserve allocation of $18 trillion. On EOS, there are $85 million USDT tokens across 32,000 holders. Compared to other chains, these values are extremely low for the $112 billion market cap token.

Per Tether’s announcement, the company encourages the community to expand the use cases of USD₮ on supported protocols and chains. This approach aims to leverage community input to drive the future direction of Tether’s blockchain integrations, suggesting that smaller chains potentially look to bridge tokens from other chains rather than Tether directly minting with low volumes. The strategic decision to discontinue support for EOS and Algorand reflects a broader goal of focusing resources on platforms that align with community interest and provide sustainable benefits.

Tether assures its users that the transition will be managed with care to minimize disruptions, reaffirming its mission to contribute to a sustainable and democratized financial system. The company’s emphasis on community-driven decisions and resource optimization illustrates its ongoing efforts to adapt to the evolving needs of the blockchain ecosystem.

The post Tether stops minting USDT on EOS and Algorand gives 1 year for redemptions appeared first on CryptoSlate.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Nigeria Acts to Defend Naira After Currency Hits New Record Low

The Central Bank of Nigeria recently sold US dollars to Bureaux de Change (BDC) at a flat rate of NGN1,450 per greenback The central bank stated that eligible BDCs can sell the dollars to end-users

Bitcoin Vs. Ethereum: Why This Analyst Believes BTC Will Outperform ETH

Crypto analyst Crypto Kaleo has explained why he believes Bitcoin will continue outperforming Ethereum in the short term He made this assertion based on his belief that the Spot Ethereum ETFs will

Messari CEO Selkis Resigns After Controversial Political Posts

Ryan Selkis, founder of Messari, has stepped down as CEO, following controversial social media posts He will transition to Senior Advisor, while Eric Turner takes over as interim CEO “This week

Is $200 Within Reach For Solana Price? Here’s Why This Blockchain Firm Thinks So

Like the general crypto market, the price of Solana (SOL) witnessed significant growth over the past week According to the latest on-chain data, this might only be the beginning for SOL’s price,

US Senator Highlights Bitcoin as Currency Unaffected by Widespread Cyber Outages

US Senator Cynthia Lummis has emphasized bitcoin’s resilience as a form of currency unaffected by widespread cyber outages Her remarks followed major system failures linked to Crowdstrike,

Microsoft Outage Draws Criticism From Crypto Community, Is Shiba Inu The Answer?

The team behind Shiba Inu recently took a swipe at Microsoft, one of the largest companies in the world Microsoft just had the largest IT outage in history on Friday, July 19 Businesses around the