Stablecoin Issuer Tether Discontinues Support for Algorand (ALGO) and EOS Implementations

The crypto firm behind the largest USD-pegged stablecoin by market cap says it is shifting focus to community-driven blockchains.

According to a new press release from Tether, the firm behind USDT, the company always takes “community interest” into consideration when evaluating a blockchain.

“Community interest plays a pivotal role when we bring USDT to specific blockchains. We carefully evaluate the networks 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.”

According to the announcement, these and other related concerns have led Tether to discontinue USDT-use support for Algorand (ALGO) and EOS.

The transition will proceed as follows:

Tether will stop minting USDT on EOS and Algorand starting today, June 24, 2024.

Tether will continue to redeem USDT on EOS and Algorand as usual for the next 12 months. Further changes may be evaluated and announced around that time.

Tether promises to continue to support crypto communities that find USDT useful.

Yesterday, new data revealed the daily average volume of the stablecoin USDT over the Tron (TRX) blockchain has surpassed that of credit card giant Visa.

Last week, Tether announced a new digital asset backed by over-collateralized Tether Gold (XAUT) called aUSDT.