The leading crypto company responsible for the largest USD-pegged stablecoin based on market capitalization has announced a shift in focus towards community-driven blockchains.
In a recent press release by Tether, the organization behind USDT, it was stated that community interest is a key factor in the selection of blockchains for USDT integration.
“We prioritize community interest when deciding which blockchains to support with USDT. We conduct thorough evaluations of the network’s security structure to ensure the chosen blockchain is secure, user-friendly, and sustainable. Our aim is to allocate resources where they can improve security and efficiency while fostering innovation in the crypto industry.”
As a result of these considerations, Tether has decided to discontinue USDT support on Algorand (ALGO) and EOS.
The transition plan is as follows:
– Tether will cease issuing USDT on EOS and Algorand starting today, June 24, 2024.
– USDT redemption on EOS and Algorand will continue as usual for the next 12 months, with potential further changes to be announced in due course.
Tether has assured continued support for crypto communities that benefit from USDT usage.
Recent data revealed that the average daily volume of USDT on the Tron (TRX) blockchain has surpassed that of Visa, a major credit card company.
Additionally, Tether introduced a new digital asset called aUSDT, backed by over-collateralized Tether Gold (XAUT) last week.
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