As an experienced financial analyst following the crypto market closely, I believe Tether’s decision to sunset USDT minting on Algorand and EOS is a calculated move aimed at optimizing their resources and focusing on community-driven blockchain networks. While some investors may be concerned about potential liquidity issues or price volatility in the affected tokens, it is essential to consider the larger context of the crypto market’s evolution.
Tether intends to retire the ability to create new USDT tokens on two significant blockchain networks within a year-long phase-out process.
Tether, a major player in stablecoins, revealed plans to stop backing USDT on Algorand and EOS within the upcoming year. This move is due to a shift in focus towards decentralized platforms that prioritize community involvement.
On Monday, an official communication was released stating that the company intends to give equal importance to maintainability, usage, and community engagement going forward. The company expressed its commitment to investing resources in areas that maximize security and productivity, while simultaneously fostering innovation within the crypto sector.
Tether Announces Strategic Transition to Prioritize Community-Driven Blockchain Support
Read more:— Tether (@Tether_to) June 24, 2024
Tether slashes blockchain support to 12 networks
Users are able to exchange their USDT holdings on Algorand and EOS platforms for the equivalent value in US dollars, as stated by Tether, up until the end of next year. However, Tether retains the authority to provide additional updates or modifications concerning this issue.
The prices of Algorand (ALGO) and EOS (EOS) experienced minimal decreases despite significant surges in their daily trading volumes, exceeding 100% as indicated by CoinMarketCap’s data.
Among all U.S. dollar-backed stablecoins available in the market, USDT is the one with the largest market capitalization. Its departure from Algorand and EOS platforms has resulted in a decrease of 2 supported networks, leaving users with access to USDT only on Avalanche, Celo, Cosmos, Ethereum, Liquid Network, Near, Polkadot, Solana, Tezos, The Open Network (TON), and Tron. (Assuming no modifications to the current strategy)
As a crypto investor, I’ve noticed an important development in the world of stablecoins. Back in August of last year, Tether, the issuer of USDT, made a surprising move by discontinuing the circulation of USDT on decentralized networks like Bitcoin, Bitcoin Cash, and Kusama for the first time since 2023.
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2024-06-24 17:26