Tether has announced that it has stopped minting USDT on Algorithm and EOS
Tether will stop processing USDT on EOS and Algorand as of June 24, 2024. Tether will redeem USDT against EOS and Algorand over the next 12 months. Tether's shift focuses on security, efficiency, and community-based blockchain support.
As of June 24, 2024, Tether, a leading player in the stablecoin market, will stop issuing its USDT tokens on the EOS and Algorand blockchains.
This decision is part of Tether's continued commitment to maintaining a strong and innovative blockchain ecosystem. The transition aims to prioritize community-led needs while ensuring the safety and efficiency of operations.
Integration of Tether in blockchains
When deciding which blockchains to support, Tether has always placed a high value on the needs and wants of the community.
The evaluation process includes an in-depth assessment of each network's security architecture, usability and sustainability.
By dropping support for EOS and Algorand, Tether is reallocating resources to blockchains that more closely align with their strategic goals. This decision reflects the company's commitment to improving the security and efficiency of the USDT token.
With a focus on community-based support, Tether continuously reviews shipping layers to ensure they meet the highest standards of maintenance and usability. This strategic pillar aims to maintain a balance between supporting existing ecosystems and fostering innovation.
Tether has decided to stop working on EOS and Algorand as a result of this comprehensive evaluation process, ensuring that resources are deployed where they have the greatest impact.
Tether (USDT) redemption on EOS and Algorand for the next 12 months
Tether's rollout plan is designed to minimize disruption to users.
While USDT mining on EOS and Algorand has stopped, redemption of USDT tokens on both blockchains will continue for the next 12 months.
This extended redemption period ensures that users have enough time to adjust the changes.
Tether has decided to make this transition carefully, prioritizing a seamless user experience.
According to the official announcement, additional reviews and potential announcements will be made over a 12-month period, allowing Tether to adjust its strategy based on community needs and wants.
This approach demonstrates Tether's commitment to hassle-free transitions and its focus on maintaining user trust and confidence throughout the process.
