Tether, a major player in the blockchain ecosystem, has announced that it will discontinue support for the EOS and Algorand blockchains for its USD₮ tokens. This decision is part of Tether’s ongoing commitment to maintain and innovate within the blockchain ecosystem. The company evaluates the security, usability, and sustainability of different blockchain networks, aiming to allocate resources effectively to enhance security and efficiency while supporting innovation.
Community interest significantly influences Tether’s decisions regarding which blockchains to support for USD₮. Despite the discontinuation of support for EOS and Algorand, Tether will continue to back the protocols and chains that are beneficial to the community and will encourage the expansion of USD₮ use cases across various protocols.
Key points of the transition are as follows:
- As of June 24, 2024, Tether will stop minting USD₮ on EOS and Algorand.
- Tether will continue to redeem USD₮ on these blockchains for the next 12 months, with potential further changes to be evaluated and announced in the future.
Tether assures its users that the transition will be managed with minimal disruption, emphasizing a seamless user experience. The company appreciates the community’s support and trust, and remains dedicated to building a more sustainable and democratized financial system globally.
