In a recent press release, Tether, the company behind the largest USD-pegged stablecoin, has announced a shift in focus towards community-driven blockchains. The firm emphasizes the importance of community interest when choosing a blockchain to support. The evaluation process includes assessing the network’s security architecture to ensure the chosen blockchain is secure, usable, and sustainable. Tether aims to allocate resources where they can enhance security and efficiency while promoting innovation in the crypto landscape.

As a result of these considerations, Tether has decided to discontinue USDT support for Algorand (ALGO) and EOS. The transition will be implemented in the following manner: Tether will cease minting USDT on EOS and Algorand starting from June 24, 2024. However, Tether will continue to redeem USDT on these blockchains for the next 12 months, with further changes to be evaluated and announced in due course.

Despite these changes, Tether assures ongoing support for crypto communities that find USDT beneficial.

Recently, data revealed that the daily average volume of USDT on the Tron (TRX) blockchain has surpassed that of Visa, a major credit card company. Additionally, Tether introduced a new digital asset called aUSDT, which is backed by over-collateralized Tether Gold (XAUT).

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