As a seasoned crypto investor with a diverse portfolio, I’ve seen my fair share of shifts and changes in the digital currency landscape. Tether’s recent announcement regarding the cessation of new USDT stablecoin issuance on Eos and Algorand platforms is an interesting development that warrants attention.
In a blog post published on June 24, Tether announced that they will cease the generation of new USDT stablecoins on both the EOS and Algorand platforms moving forward. However, they assured their users that they would continue to process redemptions for these networks over the next year.
— Tether (@Tether_to) June 24, 2024
USDT Focus Shifts to Larger Ecosystems
As a crypto investor, I’ve noticed that Tether, the issuer of the stablecoin USDT, is reconsidering its presence on various blockchains. Although EOS and Algorand currently represent only a minute fraction of USDT’s total trading volume (with EOS-based tokens accounting for approximately 0.06% and Algorand just 0.01%), Tether has decided to simplify its operations by focusing on specific blockchains.
As a crypto investor, I understand that Tether has announced a shift in its focus, aiming to channel resources towards enhancing the overall security and operational efficiency of our ecosystem. This move is intended to cause as little disturbance as possible, keeping the user experience at the forefront throughout the transition process.
Tether’s announcement mentioned that they carefully assess the security structure of the selected blockchain to guarantee its safety, convenience, and longevity.
Expansion on Other Networks
As of now, Tether’s presence on alternative blockchains, such as TON, is growing. Following the introduction of USDT on TON in April 2024, Tether has released around half a billion dollars’ worth of its stablecoins onto this platform.
Tether’s decision to adapt reflects its dedication to staying in sync with thriving blockchain ecosystems fostering substantial expansion and creativity in the cryptocurrency sector.
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2024-06-24 18:28