The cryptocurrency company, which operates the largest USD-pegged stablecoin by market capitalization, said it is shifting its focus to a community-driven blockchain.
According to a new press release from Tether, the company behind USDT, the company always considers “community interests” when evaluating blockchains.
“Community interest plays a pivotal role as we adapt USDT to a specific blockchain. We carefully evaluate the security architecture of the network to ensure the safety, usability, and sustainability of the chosen blockchain. Our goal is to continue to support innovation across the cryptocurrency landscape while allocating resources where they can best improve security and efficiency.”
According to the announcement, due to these and other related issues, Tether has discontinued support for the use of USDT for Algorand (ALGO) and EOS.
“The transition will proceed as follows.
Tether will stop issuing USDT on EOS and Algorand starting today, June 24, 2024.
Tether will continue to redeem USDT from EOS and Algorand as usual over the next 12 months. Additional changes may be evaluated and announced around that time.”
Tether is committed to continuing to support the cryptocurrency community that finds USDT useful.
New data yesterday showed that the average daily trading volume of the stablecoin USDT on the Tron (TRX) blockchain has surpassed that of credit card giant Visa.
Last week, Tether announced a new digital asset based on overcollateralized Tether Gold (XAUT), called USDT.
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