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The cryptocurrency company behind the largest US dollar-pegged stablecoin by market cap says it is shifting focus to community-driven blockchains.
According to new press release From Tether, the company behind USDT, the company always takes the “interest of the community” into consideration when evaluating a blockchain.
“Community interest plays a pivotal role when we bring USDT to specific blockchains. We carefully evaluate the network’s security architecture to ensure the safety, usability, and sustainability of the chosen blockchain. Our goal is to allocate resources where they can best promote security and efficiency while continuing to support innovation across the cryptocurrency landscape.
According to the announcement, these and other related concerns have led Tether to stop supporting USDT use of Algorand (something) and Eos.
The transition will take place 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 supporting cryptocurrency communities that find USDT useful.
yesterdayNew data reveals the average daily volume of the USDT stablecoin is above Tron (TRX) The blockchain has surpassed that of credit card giant Visa.
Last week, Tether Announce A new digital asset backed by the over-collateralization of Tether Gold (XAUT) is called USDT.
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