Tether to Stop USDT Support for Algorand and EOS, Citing Community-Driven Blockchain Focus

  • Tether is now emphasizing support for community-centric blockchains.
  • This shift in focus prioritizes the interests and security of blockchain communities.
  • “Community interest plays a pivotal role when we bring USDT to specific blockchains,” says Tether.

Tether pivots to community-focused blockchains, marking a strategic evolution in the stablecoin’s deployment.

Tether Redirects Focus to Community-Driven Blockchains

Tether, the company behind the largest USD-pegged stablecoin, USDT, has announced a strategic shift towards supporting community-driven blockchains. A recent press release from the firm underscores the importance of community interest in their blockchain evaluation process. The move is part of Tether’s broader goal to enhance the security and efficiency of blockchain networks while fostering innovation throughout the crypto space.

Discontinuation of USDT on EOS and Algorand

As part of this new strategy, Tether has revealed plans to discontinue support for USDT on the Algorand (ALGO) and EOS platforms. Effective immediately, the company will cease minting USDT tokens on these blockchains. However, they will continue to redeem USDT on Algorand and EOS as usual for the next twelve months. Tether has stated that further assessments and announcements may follow based on this transition period.

Supporting Blockchains that Foster Community Growth

Tether’s pivot highlights their commitment to blockchains that prioritize community engagement and robust security measures. By reallocating resources to these networks, Tether aims to ensure that their stablecoin remains at the forefront of blockchain innovation and user safety. The firm believes that this alignment will not only enhance security but also drive efficiency across the crypto ecosystem.

Record Daily Average Volume on Tron

Recent data underscores the efficacy of Tether’s strategy, revealing that the daily average volume of USDT transactions on the Tron (TRX) blockchain has surpassed those of major credit card companies like Visa. This milestone demonstrates the growing acceptance and utility of stablecoins in both commercial and financial transactions, further validating Tether’s community-focused approach.

Introduction of aUSDT Backed by Tether Gold

Tether continues to innovate with the launch of new digital assets, the latest being aUSDT, backed by over-collateralized Tether Gold (XAUT). This new asset reflects Tether’s commitment to providing stablecoin solutions that are both secure and versatile, catering to the evolving needs of the cryptocurrency market.

Conclusion

With its newly adopted focus on community-oriented blockchains, Tether is poised to drive the next wave of innovation in the stablecoin market. By discontinuing support on less aligned networks and enhancing their presence on security-focused ones, Tether aims to remain an essential component of the crypto economy. The strategic direction not only promises a safer and more efficient blockchain environment but also reinforces the critical role of community in the evolution of digital finance.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.
spot_imgspot_imgspot_imgspot_img

Latest News

Capital Economics Predicts Gold Prices to Drop to $2,200 by Year-End Despite Recent Surge

Recent developments in the gold market have...

BlackRock and Franklin Templeton Lead with Low Fees Ahead of Spot Ethereum ETF Launch

As the highly anticipated launch of the...

Bitcoin Holds Above $64K Amid Market Volatility; Solana Shows Strength

Today's cryptocurrency market experienced notable...
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
spot_imgspot_imgspot_imgspot_img

Capital Economics Predicts Gold Prices to Drop to $2,200 by Year-End Despite Recent Surge

Recent developments in the gold market have seen prices reach an all-time high, sparking significant interest and speculation. Many analysts are...

BlackRock and Franklin Templeton Lead with Low Fees Ahead of Spot Ethereum ETF Launch

As the highly anticipated launch of the spot Ethereum ETF market draws closer on July 23, leading asset management firms have revealed...

Bitcoin Holds Above $64K Amid Market Volatility; Solana Shows Strength

Today's cryptocurrency market experienced notable turbulence, specifically around Bitcoin's $64K price level. The market exhibited varied behaviors,...