Stablecoin Issuer Tether Announces Transition to Prioritize Community-Driven Blockchain Support

At Tether, they claim to be deeply committed to maintaining a robust and innovative blockchain ecosystem for USD₮ and all other tokens we issue.

To uphold this commitment, Tether says it constantly assesses “current transport layers, striving to strike a balance between maintainability, usage, and community interest.”

According to Tether, community interest plays “a pivotal role when we bring USD₮ to specific blockchains.”

Tether also mentioned that it “carefully evaluates the network’s security architecture to ensure the safety, usability, and sustainability of the chosen blockchain.”

Their goal is to allocate resources “where they can best enhance security and efficiency while continuing to support innovation across the crypto landscape.”

After thorough consideration, Tether will discontinue “support for the EOS and Algorand implementations.”

Tether added that they will “continue to support the protocols and chains that the community finds useful and encourage the community to expand the use cases of USD₮ on every protocol.”

The transition will proceed as follows:

  • Tether will stop minting USD₮ on EOS and Algorand starting June 24, 2024.
  • Tether will continue to redeem USD₮ on EOS and Algorand as usual for the next 12 months.
  • Further changes may be evaluated and announced around that time.

Tether also shared:

“We assure our community that this transition will be executed meticulously and with minimal disruption. Our top priority remains delivering a seamless user experience, and we are committed to facilitating a hassle-free transition. We sincerely appreciate your continued support and trust in Tether. Together, we are paving the way for a more sustainable and democratized financial system for the entire world.”

As covered recently, Tether, which claims to be one the largest companies in the cryptocurrency industry, announced that it is teaming up with the National Taipei University of Technology (NTUT), also known as Taipei Tech “to enhance blockchain and digital asset education in the region.”

This initiative aims to equip students “with comprehensive knowledge and practical skills in cutting-edge technology, fostering a well-rounded understanding of blockchain technology, digital assets, Bitcoin and stablecoins.”

The “Blockchain & Digital Asset” education program “was first launched at the College of Management, National Taipei University of Technology (NTUT), attracting more than 110 students.”

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