The world’s largest stablecoin issuer, Tether has announced the discontinuation of support for EOS and Algorand blockchain. The firm made the disclosure on Monday via an official blog post.
In the announcement, Tether disclosed that it will stop minting USDT on the two networks. The stablecoin issuer made the decision after re-evaluating some core features of EOS and Algorand.
As revealed, the firm emphasized its commitment to maintaining a vast and innovative blockchain ecosystem for USDT and other tokens in its collection. More so, Tether stated that it will continue to “assess current transport layers, striving to strike a balance between maintainability, usage, and community interest.”
Also, the firm earmarked how community interest plays an important role in the decision to expand the presence of USDT to some networks. In the blog post, Tether emphasized its readiness to support community-driven protocols and chains. Similarly, the firm said it will as well encourage communities to expand the use cases of USDT on all protocols.
Tether discussed how it usually evaluates the security architecture of a network to ensure its safety, usability, and sustainability before embracing such a blockchain.
The stablecoin issuer explained how it is committed to allocating resources to “where they can best enhance security and efficiency.” By that, Tether added that it has remained steady on the course of ensuring innovation in the cryptocurrency landscape.
Tether Reveals Transition Plan Away From EOS And Algorand
Meanwhile, in the statement, the stablecoin issuer revealed plans on how to migrate from the two blockchain networks. Foremost, the firm 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. Additionally, the firm said it will continue to evaluate every possible change and communicate its decision in due time.
Further, the stablecoin issuer echoed its commitment to ensuring that users enjoy a seamless and hassle-free transition. Tether added that the transition process will be executed with utmost care to achieve minimal disruption.
It is worth mentioning that Tether recently adopted Telegram-powered The Open Network (TON) as one of the host blockchains for USDT. According to a Binbits report, the expansion is an attempt to avail USDT to more than 900 million users of Telegram, allowing them to enjoy secure and borderless transactions.
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