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On Monday (24), Tether, issuer of the USDT stablecoin, announced the decision to stop issuing USDT on the Algorand and EOS blockchain networks. The company justified the change based on the intention to focus its efforts on blockchains with growing communities.

Although it has halted the issuance of new tokens, Tether has assured that token redemption on the Algorand and EOS networks will continue for at least the next 12 months.

In a statement, Tether hinted that the decision to abandon the EOS and Algorand networks was driven by the need to prioritize blockchains with more active community support for its USDT efforts.

The decision came after thorough consideration and a series of assessments on the performance and maintainability of USDT on different blockchains.

“Tether is committed to balancing ‘maintenance, use, and community interest.’ The decision to remove USDT from certain blockchains considers community interest, security architecture, usability and sustainability of the network,” the company stated.

Tether sets priorities

After thorough analysis, Tether has decided to stop issuing USDT tokens on the Algorand and EOS networks, with a full transition planned over the next 12 months.

In the announcement, the stablecoin issuer promised to continue supporting other networks with greater community popularity, encouraging expansion into different protocols.

“We assure our community that this transition will be executed meticulously and with minimal disruption. Our top priority continues to be providing a seamless user experience, and we are committed to facilitating a seamless transition,” highlighted the Tether statement.

The company concluded by expressing gratitude for the community’s continued support and highlighting its mission to create a more “sustainable and democratized financial system for the world.”

This is not the first time that Tether has stopped issuing its tokens on blockchains. Last year in August, Tether discontinued the issuance of USDT on three blockchains: Bitcoin, Bitcoin Cash and Kusama. USDT users on these three networks had a period of 12 months to redeem their tokens, a period that ends in August this year.

Currently, Tether remains available on around 11 networks, including Ethereum, Tron, Avalanche, Kava, Liquid Network, Near, Celo, Polkadot, Solana, Ton, and Tezos. The company is focused on allocating its resources into blockchains that offer greater efficiency, security and community support.

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Source: https://www.criptofacil.com/tether-usdt-vai-abandonar-redes-eos-e-algorand/



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