Tether to stop Minting USDT on EOS and Algorand

Tether Holdings Ltd., the issuer of the largest stable fund in the cryptocurrency market, has announced that it will stop minting USDT on EOS and Algorand as of today. 

In a statement, the company stated that, for the next twelve months, Tether will continue to redeem USDT on EOS and Algorand. At that point, other changes can be considered and publicly disclosed. 

We guarantee the community that this transition will be carried out carefully and with the least amount of disturbance possible. Ensuring a smooth user experience is still our top priority, and we're dedicated to making the transition as easy as possible, the statement added. 

The company wrote in the statement that “We sincerely appreciate your continued support and trust in Tether Together; we are paving the way for a more sustainable and democratized financial system for the entire world.” 

We truly value your unwavering support and trust in Tether. When we work together, we can create a global financial system that is more democratic and sustainable, it added. 

Prior to the announcement that Tether would discontinue support for the EOS and Algorand implementations, the firm made it clear that it was devoted to upholding a strong and creative blockchain ecosystem for USDT and all other tokens it issues. Tether said that in order to keep this promise, it will continuously evaluate the state of the transport layers, making an effort to balance maintainability, usage, and community interest. 

A key factor in our decision to introduce USD to particular blockchains is community interest. For the chosen blockchain to be safe, usable, and sustainable, we thoroughly assessed the network's security architecture. Our objective is to continue fostering innovation throughout the cryptocurrency space while directing resources to where they can most effectively improve efficiency and security, it added.

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