Algorand

Read

The stablecoin issuer Tether has revealed the timetable for sunsetting its support for USDT and EURT on multiple blockchain networks.
<a href="https://crypto.news/tag/tether/" target="_blank" rel="noopener noreferrer nofollow">Tether</a>, the largest stablecoin issuer by market capitalization, announced in a Thursday blog announcement it will no longer be obligated to accept redemption of stablecoins USDT or EURT on Omni, Kusama, SLP, EOS and Algorand as of September 1, 2025.
Tether says the decision to cease support is part of the company’s efforts our to allocate resources where they can “best enhance security and efficiency while supporting ongoing innovation across the crypto landscape.” In addition to halting redemptions, Tether will freeze all remaining USDT and EURT on these networks on the same date, advising users to redeem their holdings “as soon as possible.”
You might also like: <a href="https://crypto.news/is-cryptos-greatest-crash-around-the-corner-the-threat-of-tethers-usdt-collapse/" rel="noopener noreferrer nofollow"> Is crypto’s greatest crash around the corner? The threat of Tether’s (USDT) collapse </a>
“Holders who are not customers may seek to migrate their USDT and EURT holdings to a supported blockchain through an available service provider in accordance with the terms of those providers,” the announcement reads.
<h2 class="wp-block-heading" id="background-and-impact">Background and impact</h2>
Tether initially <a href="https://crypto.news/tether-to-decommission-usdt-on-algorand-and-eos/" rel="noopener noreferrer nofollow">announced</a> changes to its supported blockchain networks in mid-June, citing a focus on balancing maintainability, usage, and community interest as the reason behind the move. Besides the aforementioned networks, Tether also supports its stablecoins on Ethereum, TRON, Solana, and Tezos, among others.
According to data from DefiLlama, Tether’s USDT stablecoin holds a 69% share of the stablecoin market, valued at $112.3 billion.
The decision to cease support on multiple networks comes as Tether <a href="https://crypto.news/tethers-euro-stablecoin-lags-behind-circles-eurc-for-the-third-straight-month/" target="_blank" rel="noopener noreferrer nofollow">faces challenges</a> in Europe. The new regulatory framework, Markets in Crypto Assets Regulation (MiCA), has already led to USDT being delisted from several trading platforms, with Tether CEO Paolo Ardoino earlier acknowledging that MiCA “contains several problematic requirements” for the company.
Read more: <a href="https://crypto.news/tether-teams-up-with-btguru-to-explore-rwa-use-cases-for-banks-in-turkey/" rel="noopener noreferrer nofollow"> Tether teams up with BTguru to explore RWA use cases for banks in Turkey </a>

Tether discloses timeframe for suspending USDT redemptions on multiple networks

Съдържание

crypto.news

Други статии, публикувани на 11.07.2024 г.

Exploring The Rise Of Top Meme Coin Presale (MBAG) In 2024: Defeating Stacks And Injective

Yellow Card to Reward Forty Customers with Chowdeck Food Vouchers Worth 20,000 NGN

UK regulator alerts public to fake solicitor Bitcoin scam

Sei Network Partners with Particle for Seamless Web3 Integration

June CPI Report: U.S. Inflation Drops to 3%, Signaling Potential End to Fed Rate Hikes

What Is Going On With Altcoins? Correction Is 'Understandable But Healthy,' Says Trader

Присъединете се към нашия безплатен бюлетин за ежедневни крипто актуализации!