Tether, the well-known issuer of the top stablecoin USDT, has recently unveiled a strategic transition. As per the platform, it is carrying out this endeavor to provide significant attention to community-driven blockchain backup and will reportedly stop backing Algorand and EOS. On its official social media account on X, the platform disclosed the respective initiative.
Tether Prioritizes a Community-Driven Blockchain Backup Approach in New Strategic Transition
In addition to the respective announcement, Tether also shared a comprehensive blog post to provide details about the development. It noted that the platform is making great efforts to maintain an innovative and resilient blockchain ecosystem backing USDT. The firm added that the respective forum will also deal with the rest of the assets that the firm issues.
In this respect, it is reportedly endeavoring to ensure a balance between community interest, usage, and maintainability. According to Tether, community interest occupies a crucial position when taking USDT to particular blockchains. For this, the company cautiously assesses the security architecture of the network. With this, it guarantees the sustainability, usability, and safety of the selected blockchain.
The Transition Includes Halting Support for Algorand and EOS Implementations
It also brought to the front that the purpose of this endeavor is to specify resources. They will reportedly best enhance efficiency and security while offering continued support for innovation throughout the crypto sector. Following comprehensive consideration, the firm will terminate its support for Algorand and EOS implementations. Nonetheless, the platform claimed that it would keep backing the useful chains and protocols.
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Apart from that, the company will also persuade the community to broaden the USDT use cases on each protocol. While particularly discussing the transition endeavor thereof, the firm mentioned a couple of points. Firstly, the stablecoin issuer will halt minting the USDT token on Algorand and EOS for the impending 12 months.
Additionally, it will keep on redeeming the USDT coins on both the above-mentioned platforms in the meantime. However, the firm will announce further changes over time based on evaluation. Following this announcement, Tether assured the users that the transition would cause minimal disruption.
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