By Aduragbemi Omiyale
A notable player in the global cryptocurrency market, Tether, has discontinued the minting of its token, USDT, on the EOS and Algorand.
In a statement made available to Business Post, it said this will take effect from today, Monday, June 24, 2024, noting that the decision was taken to prioritise community-driven blockchain support.
However, it emphasised that it would continue to support the protocols and chains that the community finds useful and encourage the community to expand the use cases of USDt on every protocol.
“Tether will stop minting USD₮ on EOS and Algorand starting today, June 24, 2024.
“Tether will continue to redeem USD₮ on EOS and Algorand as usual for the next 12 months. Further changes may be evaluated and announced around that time,” a part of the notice read.
“We are deeply committed to maintaining a robust and innovative blockchain ecosystem for USD₮ and all other tokens we issue.
“To uphold this commitment, we constantly assess current transport layers, striving to strike a balance between maintainability, usage, and community interest,” it also stated.
“We assure our community that this transition will be executed meticulously and with minimal disruption. Our top priority remains delivering a seamless user experience, and we are committed to facilitating a hassle-free transition.
“We sincerely appreciate your continued support and trust in Tether. Together, we are paving the way for a more sustainable and democratized financial system for the entire world,” Tether further said.
The platform noted that it carefully evaluated the network’s security architecture to ensure the safety, usability, and sustainability of the chosen blockchain.
“Our goal is to allocate resources where they can best enhance security and efficiency while continuing to support innovation across the crypto landscape,” it said.
