In a move that reverberated across the crypto landscape, Tether the issuer of the popular stablecoin USDT dropped a bombshell no more USDT issuance on EOS and Algorand after June 24, 2024. Brace yourselves this decision has far-reaching implications,
Tether Announces Strategic Transition to Prioritize Community-Driven Blockchain Support
— Tether (@Tether_to) June 24, 2024
Read more: https://t.co/UCL1MJt2WO
Tether minced no words. In a statement released on , they declared their departure from EOS and Algorand.
“At this point, after a comprehensive evaluation, Tether will discontinue support for EOS and Algorand applications after a security architecture re-evaluation”
“We will continue to support protocols and chains that the community finds useful and encourage the community to expand USDT use cases across each protocol.”
Paolo Ardoino, Tether’s CTO, emphasized that community response and security analysis play pivotal roles in their blockchain support decisions.
Tether`s Transition Blueprint
Tether announces that it would be making the transition smooth and swift. Adding The transition will unfold in two acts:
- Ceasefire:
Starting June 24, 2024, Tether stops minting fresh USDT on EOS and Algorand.
- Grace Period:
But fear not! Users can still swap USDT for these blockchains for the next 12 months. A frictionless transition awaits.
Community Pulse and Market Echoes
Across the blockchain spectrum, community reactions vary. EOS and Algorand, once stars, now wane.
Meanwhile, Ethereum and Tron stand tall, boasting robust user bases and transaction volumes. Tether’s pivot optimizes resources, enhancing USDT’s stability and usability.
Tether known as the crypto market’s bedrock. As the largest stablecoin, USDT is the Swiss Army knife of trading and hedging.
Its ubiquity across exchanges and multi-layered use from personal wallets to institutional portfolios is unparalleled.
In Summary
Tether’s decision to part ways may be one that has been long awaited. Security and community demand drive the ship.
Users, heed the call migrate your USDT to other supported blockchains. The crypto saga continues, and fortune favors the swift.
