Tether, the crypto firm behind the largest USD-pegged stablecoin by market cap, announced that it is shifting focus to community-driven blockchains in a new press release. The company stated that it always considers “community interest” when evaluating a blockchain for USDT support. The firm carefully evaluates the network’s security architecture to ensure safety, usability, and sustainability of the chosen blockchain. The goal is to allocate resources where they can enhance security and efficiency while supporting innovation across the crypto landscape. As a result of these considerations, Tether has decided to discontinue USDT support for Algorand and EOS.
The transition away from supporting USDT on Algorand and EOS will start with Tether ceasing to mint USDT on those blockchains, effective June 24, 2024. However, Tether will continue to redeem USDT on Algorand and EOS as usual for the next 12 months. The company may evaluate further changes and make additional announcements at that time. Despite discontinuing support for certain blockchains, Tether assures that it will continue to support crypto communities that find USDT useful. This decision reflects the firm’s commitment to prioritizing community interests and ensuring the security and efficiency of the blockchain networks it supports.
Recent data revealed that the daily average volume of the stablecoin USDT over the Tron blockchain has surpassed that of credit card giant Visa. This milestone highlights the growing popularity and utility of USDT within the crypto community. In addition to this achievement, Tether also announced the launch of a new digital asset called aUSDT, backed by over-collateralized Tether Gold (XAUT). The introduction of aUSDT further expands Tether’s offerings and provides users with more options for utilizing stablecoins in their transactions.
For the latest updates from Tether and to stay informed about developments in the crypto space, users can subscribe to email alerts delivered directly to their inbox. Additionally, individuals can follow Tether on various social media platforms such as X, Facebook, and Telegram to engage with the community and stay connected. As Tether continues to evolve its services and explore new opportunities within the crypto landscape, staying informed and being part of the conversation can provide valuable insights and opportunities for users and investors alike. Stay tuned for more updates and announcements from Tether as the firm continues to support innovation and community-driven initiatives in the blockchain space.