USDT stablecoin issuer Tether has announced that it is stopping minting the token on the Eos and Algorand networks. Tether is stopping the issuance of new USDT tokens on several blockchains.

In a statement released on June 24, the company announced that it will stop minting USDT on the Eos and Algorand blockchains starting today.

“After thorough consideration, Tether will discontinue support for the EOS and Algorand implementations. We will continue to support the protocols and chains that the community finds useful and encourage the community to expand the use cases for USD₮ on each protocol.”

Tether also highlighted in its announcement that it will continue to redeem USD₮ on EOS and Algorand as usual for the next 12 months. “Other changes may be evaluated and announced at that time,” the company said.

“Community interest plays a key role when we bring USD₮ to specific blockchains. We carefully evaluate the network’s security architecture to ensure the security, usability and sustainability of the chosen blockchain. Our goal is to allocate resources where they can best improve security and efficiency, while continuing to support innovation across the cryptographic landscape.”

At the time of publication, the price of Tether was quoted at US$0.997, down 0.2% in the last 24 hours.

Tether announces new gold-backed digital asset “Alloy”

The issuer of the largest stablecoin in the USDT market, Tether, announced, on June 17, its new digital asset backed by Tether Gold, “Alloy”. In its official statement, the company explained that Moon Gold NA and Moon Gold El Salvador, both from the Tether Group, created the product, which highlights the mix between the stability of gold and the benefits of a digital currency.

“Tether, the largest company in the cryptocurrency industry, is pleased to announce the official launch of Alloy by Tether, an innovative tethered asset backed by Tether Gold. Developed by Moon Gold NA, SA de CV and Moon Gold El Salvador, SA de CV, both members of the Tether Group, Alloy by Tether aims to redefine stability in the digital economy by combining the strengths of a stable unit of account with the security and reliability of gold.”

Tether explained that Alloy introduces a new category of digital assets known as pegged assets, designed to track the price of benchmark assets through stabilization strategies such as over-collateralization with liquid assets and secondary market liquidity pools.


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