Tether Discontinues Support for EOS and Algorand Blockchains, Unveils Transition Plan

The world's largest stablecoin issuer, Tether has announced the discontinuation of support for EOS and Algorand blockchain.

Tether, the world’s largest stablecoin issuer, has announced that it will be discontinuing support for EOS and Algorand blockchain. The company made the announcement on Monday in an official blog post.

In the announcement, Tether said that it will stop minting USDT on the two networks. The decision was made by the stablecoin issuer after reevaluating some core features of EOS and Algorand.

In the statement, the company highlighted its commitment to maintaining a vast and innovative blockchain ecosystem for USDT and other tokens in its collection. Furthermore, Tether stated that it will continue to “assess current transport layers, striving to strike a balance between maintainability, usage, and community interest.”

Additionally, the company noted how community interest plays a significant role in the decision to expand the presence of USDT on some networks. In the blog post, Tether highlighted its willingness to support community-driven protocols and chains. Similarly, the company said that it will also encourage communities to expand the use cases of USDT on all protocols.

Tether discussed how it typically evaluates the security architecture of a network to ensure its safety, usability, and sustainability before integrating with such a blockchain.

The stablecoin issuer explained its commitment to allocating resources to “where they can best enhance security and efficiency.” In that regard, Tether added that it has remained committed to ensuring innovation in the cryptocurrency landscape.

Tether Announces Transition Plan Away From EOS And Algorand

In the statement, the stablecoin issuer revealed plans on how to migrate from the two blockchain networks. First, the company confirmed that it will stop minting USDT on EOS and Algorand starting from June 24, 2024.

Consequently, Tether stated that for the next 12 months, it will continue to redeem USDT on the two blockchains. Moreover, the company said it will continue to evaluate any possible changes and communicate its decision in due time.

Further, the stablecoin issuer highlighted its commitment to ensuring that users enjoy a seamless and hassle-free transition. Tether added that the transition process will be executed with minimal disruption.

Notably, Tether recently integrated Telegram-powered The Open Network (TON) as one of the host blockchains for USDT. According to a Binbits report, the expansion aims to make USDT available to over 900 million Telegram users, enabling them to perform secure and borderless transactions.

News source：https://www.kdj.com/cryptocurrencies-news/articles/tether-discontinues-support-eos-algorand-blockchains-unveils-transition-plan.html

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