Tether, the issuer of the widely-used stablecoin USD₮ (USDT), has announced a strategic transition to prioritize community-driven blockchain support. According to tether.io, the company will discontinue support for the EOS and Algorand implementations.
Assessing Transport Layers
In a bid to maintain a robust and innovative blockchain ecosystem, Tether continually evaluates current transport layers. The company aims to balance maintainability, usage, and community interest in its blockchain selections. A critical part of this evaluation involves assessing the security architecture of potential networks to ensure safety, usability, and sustainability.
Community-Centric Approach
Community interest is a pivotal factor for Tether when deciding to bring USD₮ to specific blockchains. The firm aims to allocate resources to enhance security and efficiency while fostering innovation across the cryptocurrency landscape. Tether encourages the community to expand the use cases of USD₮ on every supported protocol.
Discontinuation of EOS and Algorand
After thorough consideration, Tether will cease minting USD₮ on EOS and Algorand starting from June 24, 2024. However, the company will continue to redeem USD₮ on these platforms for the next 12 months. Further changes may be evaluated and announced around that time.
Transition Plan
Tether assures its community that the transition will be executed meticulously to minimize disruption. The company’s primary focus remains on delivering a seamless user experience. Tether expresses gratitude for the continued support and trust from its community, emphasizing that this transition is a step toward a more sustainable and democratized financial system.
As the cryptocurrency landscape evolves, Tether’s strategic shift underscores the importance of community-driven innovation and support in maintaining a secure and efficient blockchain ecosystem.
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