Tether, the company behind the popular stablecoin USDT, has announced that it will no longer support the Algorand (ALGO) and EOS blockchains.
Community Focus
Tether explained that its decision was based on community interest and the need to ensure the safety and efficiency of its stablecoin. The company said it carefully evaluates the security of blockchains before adding USDT support.
Transition Timeline
The transition will take place as follows:
- Tether will stop minting USDT on EOS and Algorand on June 24, 2024.
- Tether will continue to redeem USDT on these blockchains for the next 12 months.
Continued Support
Tether emphasized that it remains committed to supporting crypto communities that find USDT useful. The company recently reported that the daily average volume of USDT on the Tron (TRX) blockchain has surpassed that of Visa.
Disclaimer
The information in this article is for informational purposes only and should not be construed as investment advice.
