Tether announces cease of USDT minting on Algorand and EOS
Tether ceases USDT minting on EOS and Algorand starting June 24, 2024.
Tether will redeem USDT on EOS and Algorand for the next 12 months.
Tether’s shift focuses on security, efficiency, and community-driven blockchain support.
Effective June 24, 2024, Tether, a leading player in the stablecoin market, will cease minting its USDT tokens on the EOS and Algorand blockchains.
This decision is part of Tether’s ongoing commitment to maintain a robust and innovative blockchain ecosystem. The transition aims to prioritize community-driven interests while ensuring the security and efficiency of its operations.
Tether’s integration in blockchains
Tether has always placed a high value on the community’s needs and interests when deciding which blockchains to support.
The evaluation process includes a thorough assessment of each network’s security architecture, usability, and sustainability.
By discontinuing support for EOS and Algorand, Tether is reallocating resources to blockchains that align more closely with their strategic goals. This decision reflects the company’s dedication to enhancing the security and efficiency of the USDT token across the crypto landscape.
The focus on community-driven support means Tether constantly reassesses its transport layers to ensure they meet the highest standards of maintainability and usage. This strategic pivot aims to strike a balance between supporting existing ecosystems and fostering innovation.
Tether’s decision to discontinue minting on EOS and Algorand is a result of this comprehensive evaluation process, ensuring resources are deployed where they can have the most significant impact.
Tether (USDT) redemption on EOS and Algorand for the next 12 months
The transition plan Tether has laid out is designed to minimize disruption to users.
While minting of USDT on EOS and Algorand has ceased, the redeemption of USDT tokens on both blockchains will continue for the next 12 months.
This extended redemption period ensures that users have ample time to adjust to the changes.
Tether has committed to executing this transition meticulously, prioritizing a seamless user experience.
According to an official announcement, further evaluations and potential announcements will be made around the end of the 12-month period, allowing Tether to adapt its strategy based on the evolving needs and interests of its community.
This approach underscores Tether’s commitment to a hassle-free transition and its focus on maintaining user trust and confidence throughout the process.
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