Tether will discontinue support for EOS and Algorand implementations by stopping the minting of USDT on both blockchains today.
USDT redemptions on EOS and Algorand will continue for the next 12 months, when Tether may evaluate and announce further changes.
"We assure our community that this transition will be executed meticulously and with minimal disruption," the company wrote in an official announcement, adding: "Our top priority remains delivering a seamless user experience, and we are committed to facilitating a hassle-free transition." Tether specifically preceded the news by explaining that it constantly assesses current transport layers and aims "to strike a balance between maintainability, usage, and community interest."
"Our goal is to allocate resources where they can best enhance security and efficiency while continuing to support innovation across the crypto landscape," it added. With the removal of Algorand and EOS, Tether now issues its stablecoin on Avalanche, Celo, Kava , Ethereum, Liquid Network, NEAR, Polkadot, Solana, Tezos, TON and Tron. However, Ethereum and Tron blockchains host the vast majority of USDT supply.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Could Uphold’s Tether Delisting Signal Trouble for USDT in Europe?Crypto Blog
Read more »
Proposal to cap EOS supply at 2.1 billion approved, says EOS Network Foundation CEOEOS Network Foundation’s CEO said a community proposal to cap the EOS supply at 2.1 billion tokens was approved.
Read more »
Algorand Price Forecast: Heading to a 10% crashAlgorand (ALGO) price is about to break below the daily support level at $0.161 on Tuesday, extending its two-week decline after being rejected near $0.200 on May 27.
Read more »
HashKey Global Launches 2nd HashKey Launchpool: Earn ATH Tokens by Locking ATH & USDTCrypto Blog
Read more »
EOS Network Redefines Crypto Economics with New Tokenomics ModelOn June 1, the EOS Network will undergo a transformation with the implementation of a new tokenomics model.
Read more »
EOS Network approves new tokenomics, promises ‘new era’EOS is shifting to a fixed supply of 2.1 billion tokens and introducing halving cycles amid ongoing community skepticism and past regulatory challenges.
Read more »