Stablecoin Issuer Tether Discontinues Support for Algorand (ALGO) and EOS Implementations
The crypto firm behind the largest USD-pegged stablecoin by market cap says it is shifting focus to community-driven blockchains.
According to a new press release from Tether, the firm behind USDT, the company always takes “community interest” 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 enhance security and efficiency while continuing to support innovation across the crypto landscape.”
According to the announcement, these and other related concerns have led Tether to discontinue USDT-use support for Algorand (ALGO) and EOS.
“The transition will proceed 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 to support crypto communities that find USDT useful.
Yesterday, new data revealed the daily average volume of the stablecoin USDT over the Tron (TRX) blockchain has surpassed that of credit card giant Visa.
Last week, Tether announced a new digital asset backed by over-collateralized Tether Gold (XAUT) called aUSDT.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/mim.girl/Fotomay
The post Stablecoin Issuer Tether Discontinues Support for Algorand (ALGO) and EOS Implementations appeared first on The Daily Hodl.
Go to Source
Author: Daily Hodl Staff
