Global blockchain supervision and query platform

English
Download

Stablecoin Issuer Tether Discontinues Support for Algorand (ALGO) and EOS Implementations

Stablecoin Issuer Tether Discontinues Support for Algorand (ALGO) and EOS Implementations WikiBit 2024-06-25 06:52

The crypto firm behind the largest USD-pegged stablecoin by market cap says it is shifting focus to

The crypto firm behind the largest USD-pegged stablecoin by market cap says it is shifting focus to community-driven blockchains.

According to a new press release from Tether, the firm behind USDT, the company always takes “community interest” into consideration when evaluating a blockchain.

“Community interest plays a pivotal role when we bring USDT to specific blockchains. We carefully evaluate the networks security architecture to ensure the safety, usability, and sustainability of the chosen blockchain. Our goal is to allocate resources where they can best enhance security and efficiency while continuing to support innovation across the crypto landscape.”

According to the announcement, these and other related concerns have led Tether to discontinue USDT-use support for Algorand (ALGO) and EOS.

The transition will proceed as follows:

Tether will stop minting USDT on EOS and Algorand starting today, June 24, 2024.

Tether will continue to redeem USDT on EOS and Algorand as usual for the next 12 months. Further changes may be evaluated and announced around that time.

Tether promises to continue to support crypto communities that find USDT useful.

Yesterday, new data revealed the daily average volume of the stablecoin USDT over the Tron (TRX) blockchain has surpassed that of credit card giant Visa.

Last week, Tether announced a new digital asset backed by over-collateralized Tether Gold (XAUT) called aUSDT.

Disclaimer:

The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.

  • Token conversion
  • Exchange rate conversion
  • Calculation for foreign exchange purchasing
/
PC(S)
Current Rate
Available

0.00