Tether (USDT) Shifts Focus to Community-Driven Blockchain Support

Tether,
the
issuer
of
the
widely-used
stablecoin
USD₮
(USDT),
has
announced
a
strategic
transition
to
prioritize
community-driven
blockchain
support.
According
to

tether.io,
the
company
will
discontinue
support
for
the
EOS
and
Algorand
implementations.

Assessing
Transport
Layers

In
a
bid
to
maintain
a
robust
and
innovative
blockchain
ecosystem,
Tether
continually
evaluates
current
transport
layers.
The
company
aims
to
balance
maintainability,
usage,
and
community
interest
in
its
blockchain
selections.
A
critical
part
of
this
evaluation
involves
assessing
the
security
architecture
of
potential
networks
to
ensure
safety,
usability,
and
sustainability.

Community-Centric
Approach

Community
interest
is
a
pivotal
factor
for
Tether
when
deciding
to
bring
USD₮
to
specific
blockchains.
The
firm
aims
to
allocate
resources
to
enhance
security
and
efficiency
while
fostering
innovation
across
the
cryptocurrency
landscape.
Tether
encourages
the
community
to
expand
the
use
cases
of
USD₮
on
every
supported
protocol.

Discontinuation
of
EOS
and
Algorand

After
thorough
consideration,
Tether
will
cease
minting
USD₮
on
EOS
and
Algorand
starting
from
June
24,
2024.
However,
the
company
will
continue
to
redeem
USD₮
on
these
platforms
for
the
next
12
months.
Further
changes
may
be
evaluated
and
announced
around
that
time.

Transition
Plan

Tether
assures
its
community
that
the
transition
will
be
executed
meticulously
to
minimize
disruption.
The
company’s
primary
focus
remains
on
delivering
a
seamless
user
experience.
Tether
expresses
gratitude
for
the
continued
support
and
trust
from
its
community,
emphasizing
that
this
transition
is
a
step
toward
a
more
sustainable
and
democratized
financial
system.

As
the
cryptocurrency
landscape
evolves,
Tether’s
strategic
shift
underscores
the
importance
of
community-driven
innovation
and
support
in
maintaining
a
secure
and
efficient
blockchain
ecosystem.

Image
source:
Shutterstock