Users of stablecoin issuer Tether have just received news of the scheduled discontinuation of support on two major blockchains.
According to its update, Tether announced that it has decided to withdraw its support for the EOS and Algorand implementations.
The decision was made after careful considerations which took cognizance of community interest, maintainability, and usage. Tether stated that before putting USDT on any blockchain, certain details like the network’s security architecture are considered. This is done 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,” Tether wrote.
From the decision, Algorand and EOS might have failed in fulfilling most of the conditions these metrics. Consequently, the firm will suspended USDT minting on both blockchains with immediate effect. However, redeeming USDT on EOS and Algorand will continue as usual for the next 12 months.
Tether believes that further changes could be evaluated and announced in the near future. Tether users who leverage both platforms were assured of a hassle-free transition.
Taking EOS and Algorand off the list leaves USDT holders with blockchains like Avalanche, Celo, Kava (Cosmos), Ethereum, Liquid Network, NEAR, Polkadot, Solana, Tezos, TON and Tron. A significant percentage of the USDT supply are hosted on Ethereum and Tron blockchains.
Notably, this is not the first time that Tether will make such move.
Last year August, Tether announced the discontinuation of support for its USDT, on the Bitcoin (BTC) blockchain. The stablecoin issuer specifically said it was halting the issuance or “minting” of USDT tokens on the Omni Network which houses the BTC variant, Kusama, and Bitcoin Cash Simple Ledger Protocol (BCH-SLP) blockchains beginning from August 17, 2023.
Like it plans to with EOS and Algorand, Tether also maintained its redemption mechanism for USDT-Omni, USDT-Kusama, and USDT-BCHSLP for a minimum period of 12 months.
On the other hand, USDT was recently integrated into the Toncoin ecosystem by leading cryptocurrency exchange Binance. As a result, Binance now provides comprehensive deposit and withdrawal services for this major stablecoin.
The integration of USDT on the Toncoin Network will enhance the network’s utility and also positions TON amidst evolving regulatory landscapes and innovative blockchain applications, signaling promising prospects for the future.
Read More: SHIB Price: Whale Dumps 1 Tln Coins To Binance, Has Shiba Inu Topped
In its Bitcoin buying spree, Strategy continues to attract new funds via its STRC preferred…
U.S. President Donald Trump has now diversified his financial footprint into crypto stocks from real…
Bhutan’s Bitcoin movements have come into the spotlight again. The scrutiny comes due to the…
Grayscale Investments has advanced its plans to launch a spot BNB ETF available in the…
The crypto market continued plunging after unfavorable macroeconomic data. It erased the gains that came…
Michael Saylor's Strategy, previously MicroStrategy, has announced plans for a major debt repurchase plan today…