Tether, a stablecoin issuer, has disclosed its intention to discontinue USDT issuance on the Algorand and EOS public blockchains.
Users of Tether, a stablecoin issuer, have recently been informed of the planned termination of support for two significant blockchains.
Tether Standard is exceedingly high for Algorand and EOS
As indicated in its most recent update, Tether has discontinued its support for the EOS and Algorand implementations.
The decision was reached after a thorough evaluation considering the community’s interest, maintainability, and utilization. Tether stated that the network’s security architecture is considered before USDT is placed on any blockchain. This guarantees the selected blockchain’s safety, efficacy, and sustainability.
“Our objective is to ensure that resources are allocated in a manner that maximizes security and efficiency while simultaneously fostering innovation throughout the crypto landscape,” Tether stated.
From the decision, it is possible that Algorand and EOS did not meet most of the criteria outlined in these metrics. As a result, the firm will immediately cease minting USDT on both blockchains. Nevertheless, the redemption of USDT on EOS and Algorand will proceed as customary for the next 12 months.
Tether thinks that additional modifications may be assessed and disclosed shortly. Users of Tether who utilize both platforms were guaranteed a seamless transition.
Avalanche, Celo, Kava (Cosmos), Ethereum, Liquid Network, NEAR, Polkadot, Solana, Tezos, TON, and Tron are the blockchains that USDT holders have access to after EOS and Algorand are removed from the list. Ethereum and Tron blockchains host a substantial portion of the USDT supply.
It is important to note that Tether has implemented such a strategy before.
USDT Interacts with Variety of Blockchains
In August of last year, Tether declared the discontinuation of support for its USDT on the Bitcoin cryptocurrency blockchain. The stablecoin issuer announced that it would cease the issuance or “minting” of USDT tokens on the Omni Network, which is home to the BTC variant, Kusama, and Bitcoin Cash Simple Ledger Protocol (BCH-SLP) blockchains, effective August 17, 2023.
Tether maintained its redemption mechanism for USDT-Omni, USDT-Kusama, and USDT-BCHSLP for at least 12 months, as it intends to do with EOS and Algorand.
On the contrary, Binance, a prominent cryptocurrency exchange, recently incorporated USDT into the Toncoin ecosystem. Consequently, Binance now offers a comprehensive range of deposit and withdrawal services for this significant stablecoin.
The integration of USDT into the Toncoin Network will increase the network’s utility and position TON to capitalize on the emerging regulatory landscapes and innovative blockchain applications, indicating promising prospects.
