Algorand

April

Security

Gold

Tether has officially stopped issuing new USDT stablecoins on the Eos and Algorand platforms. The company revealed this strategic shift in a recent blog post dated June 24. Over the next year, while it will no longer mint new tokens, Tether will continue to support redemptions on these networks. 
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 Tether Announces Strategic Transition to Prioritize Community-Driven Blockchain Support Read more: <a href="https://t.co/UCL1MJt2WO" target="_blank">https://t.co/UCL1MJt2WO</a>— Tether (@Tether_to) <a href="https://twitter.com/Tether_to/status/1805209982171811949?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 24, 2024</a>
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USDT Focus Shifts to Larger Ecosystems 
This decision comes as Tether reevaluates its presence across multiple blockchains. Despite Eos and Algorand hosting a very small fraction of USDT’s total volume, with Eos-based tokens <a href="https://tether.to/en/transparency/?tab=usdt" target="_blank" rel="noreferrer noopener nofollow">accounting</a> for roughly 0.06% and Algorand just 0.01%, the company is opting to streamline its operations.&nbsp; 
<a href="https://tether.io/news/tether-announces-strategic-transition-to-prioritize-community-driven-blockchain-support/" target="_blank" rel="noreferrer noopener nofollow">According</a> to Tether, this move will help focus resources on platforms that enhance the ecosystem’s security and operational efficiency. The change aims for minimal disruption, maintaining a focus on user experience throughout the transition process. 
Tether’s announcement noted, “We carefully evaluate the network’s security architecture to ensure the safety, usability, and sustainability of the chosen blockchain.”&nbsp; 
Expansion on Other Networks 
Meanwhile, Tether’s activities on other blockchains like TON are expanding. Since introducing USDT on TON in April 2024, Tether has issued approximately $500 million of its stablecoins on this network.&nbsp; 
This adaptation indicates Tether’s ongoing commitment to align with blockchain environments that support robust growth and innovation within the cryptocurrency market. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/06/17/tether-launches-alloy-with-fiat-stability-gold-security/" target="_blank" rel="noreferrer noopener">Tether Launches Alloy with Fiat Stability &amp; Gold Security</a> 
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Tether Discontinues USDT on Eos and Algorand for Efficiency

The Crypto Times

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