Future

Algorand

Security

Read

<ul>
 <li>Tether stops minting USDT on EOS and Algorand for reasons of security and efficiency with a focus on community interests.</li>
 <li>A longer USDT redemption time ensures that, in case of blockchain reallocation, users will process the transition smoothly.</li>
 <li>The pivot that Tether is seemingly taking is one of the innovations that ensure continued trust within the stablecoin market.</li>
</ul>
<p><a href="https://tether.to/en/" target="_blank" rel="noopener noreferrer nofollow">Tether</a>, one of the largest operators of stablecoins, announced it would not mint USDT tokens on EOS and Algorand blockchains from June 24, 2024. This development comes as part of the vision laid by Tether of a strong and leadingly innovative <a href="https://cryptonewsland.com/binance-and-mdi-ventures-to-expand-the-blockchain-ecosystem-in-indonesia/" target="_blank" rel="noopener noreferrer nofollow">blockchain ecosystem</a> about community-driven interests, security, and operational efficiency.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Tether Announces Strategic Transition to Prioritize Community-Driven Blockchain Support<br>Read more: <a href="https://t.co/UCL1MJt2WO" rel="noopener noreferrer nofollow">https://t.co/UCL1MJt2WO</a></p>— Tether (@Tether_to) <a href="https://twitter.com/Tether_to/status/1805209982171811949?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 24, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<h3 class="wp-block-heading" id="h-strategic-blockchain-reallocation"><strong>Strategic Blockchain Reallocation</strong></h3>
<p>Evaluations for <a href="https://cryptonewsland.com/tethers-18-75m-investment-accelerates-innovation-at-xrex-group-reshaping-transactions/" target="_blank" rel="noopener noreferrer nofollow">blockchain support at Tether</a> are based on the security architecture, usability, and sustainability of every network. Given this, as soon as EOS and Algorand support is discontinued, its resources will be channeled into blockchains that bring it closer to attaining its strategic goals. As such, this increases the security and efficiency of the USDT token across crypto landscapes.</p>
<p>This Tether move underlines the commitment to strengthening the security and efficiency of the USDT token on the <a href="https://www.imf.org/en/News/Articles/2024/02/23/sp022324-changing-landscape-crypto-assets-considerations-regulatory-and-supervisory-authorities" target="_blank" rel="noopener noreferrer nofollow">crypto landscape</a>. The strategic pivot strives to balance the liaising and innovation of existing ecosystems with resource deployment for maximum effect.</p>
<h3 class="wp-block-heading" id="h-seamless-transition-and-future-adaptation"><strong>Seamless Transition and Future Adaptation</strong></h3>
<p>While minting USDT on EOS and Algorand has been stopped, the redemption of USDT tokens on both blockchains will be available for another 12 months. This extended redemption window provides adequate room for users to adjust to these changes, and this transition will be done mostly by Tether, ensuring that the user experience is seamless.</p>
<p>An official announcement states that further assessments and possible announcements will be made at the end of the 12 months, so Tether can readjust its strategy according to the shifting needs and interests of the community. This move underlines how Tether is devoted to making its transition as smooth as possible while it tries to preserve trust and confidence among its users.</p>
<p>On the other hand, given this fact, Tether ceased USDT minting on EOS and Algorand, demonstrating a commitment to <a href="https://cryptonewsland.com/polygon-revolutionizes-decentralized-governance-with-aragon-project-hub-and-1-billion-pol-token-community-grants/" target="_blank" rel="noopener noreferrer nofollow">community-driven innovation</a> and ecosystem growth. Security, efficiency, and user experience—all become focal points underlining Tether’s commitment to staying at the forefront as a stablecoin provider.</p>
<h4 class="wp-block-heading" id="h-read-also">Read also:</h4>
<ul class="wp-block-yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/price-analysis-decoding-the-factors-driving-eos-to-an-ambitious-3-21/" rel="noopener noreferrer nofollow">Price Analysis: Decoding the Factors Driving EOS to an Ambitious $3.21</a></li>
 <li><a href="https://cryptonewsland.com/eos-is-independent-with-consensus-upgrade-to-antelope-3-1/" rel="noopener noreferrer nofollow">EOS Is Independent With Consensus Upgrade to Antelope 3.1</a></li>
 <li><a href="https://cryptonewsland.com/when-will-eoss-price-surge-past-9/" rel="noopener noreferrer nofollow">When Will EOS’s Price Surge Past $9?</a></li>
 <li><a href="https://cryptonewsland.com/eos-gains-regulatory-nod-in-japan-marks-expansion-in-east-asian-markets/" rel="noopener noreferrer nofollow">EOS Gains Regulatory Nod in Japan, Marks Expansion in East Asian Markets</a></li>
 <li><a href="https://cryptonewsland.com/countdown-to-the-start-of-the-yield-incentive-program/" rel="noopener noreferrer nofollow">Countdown to the Start of the Yield+ Incentive Program</a></li>
</ul>
<p>The post <a href="https://cryptonewsland.com/tether-stops-minting-usdt-on-eos-and-algorand-focusing-on-community-and-security/" rel="noopener noreferrer nofollow">Tether Stops Minting USDT on Eos and Algorand, Focusing on Community and Security</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Tether Stops Minting USDT on Eos and Algorand, Focusing on Community and Security

Table of Contents

Crypto News Land

Other articles published on Jun 25, 2024

BlockDAG's Presale Surges to $53.2M as Dogecoin Liquidations & Fetch.ai Price Fall Influence Inve...

SVM Rollups And Why Solana’s Future Lies In Atomic Interoperability

Pepe Coin (PEPE) Eyes New Highs as Memecoins Prep for Breakout

Celsius small business creditors demand reimbursement after 35% cut in claims

Ethereum Layer 2 Blast Secures Major Exchange Listings Amid Airdrop

58 Million XRP in 24 Hours: What's Happening?

Join our free newsletter for daily crypto updates!