Tether, the issuer of USD₮ tokens, has announced a strategic shift towards enhancing community-driven blockchain support. As part of this transition, Tether will cease support for the EOS and Algorand implementations. The company emphasizes the importance of community interest in determining the deployment of USD₮ on specific blockchains, highlighting security architecture and usability as critical factors in its evaluation process.
In an effort to maintain a robust and innovative blockchain ecosystem, 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 redemption on these platforms continuing for the next 12 months to facilitate a minimally disruptive transition.
On-chain data reveals that there is only $17 million USDT across 39,000 holders on Algorand with a reserve allocation of $18 trillion, and $85 million USDT tokens across 32,000 holders on EOS. These values are significantly low compared to other chains, considering the $112 billion market cap token. In response, Tether encourages the community to expand the use cases of USD₮ on supported protocols and chains, leveraging community input to drive future blockchain integrations.
The decision to discontinue support for EOS and Algorand reflects Tether’s broader goal of focusing resources on platforms aligning with community interest and providing sustainable benefits. The company assures users that the transition will be managed with care to minimize disruptions, reaffirming its mission to contribute to a sustainable and democratized financial system. By prioritizing community-driven decisions and resource optimization, Tether aims to adapt to the evolving needs of the blockchain ecosystem.
In conclusion, Tether’s strategic shift towards enhancing community-driven blockchain support demonstrates its commitment to maintaining a robust and innovative blockchain ecosystem. By ceasing support for EOS and Algorand, the company aims to allocate resources effectively to bolster security and efficiency while supporting innovation in the crypto landscape. Through leveraging community input to drive future blockchain integrations, Tether seeks to adapt to the evolving needs of the blockchain ecosystem and contribute to a sustainable and democratized financial system.
