Tether Announces Strategic Transition to Prioritize Community-Driven Blockchain Support

Tether, the issuer of USDT, the world's largest stablecoin, has announced a decision affecting the Algorand and EOS blockchains. Their strategy aims to prioritize community-based support and effective usage of the USDT token

Tether, the company behind the world’s largest stablecoin USDT, has announced a new strategy that will affect the Algorand and EOS blockchains.

According to Tether’s statement, the evaluation of “usage” and “community interest” has played a crucial role in this measure. The company seeks to optimize operational sustainability and ensure resources are effectively allocated to support operations on blockchains that benefit users and developers the most.

Tether Announces Strategic Transition to Prioritize Community-Driven Blockchain Support

As part of this strategy, Tether will cease issuing new units of USDT on the Algorand and EOS blockchains. This decision is based on the low adoption of USDT on these two platforms compared to others like Tron and Ethereum, where the majority of the stablecoin’s supply is concentrated.

Currently, the circulating amount of USDT on Algorand totals approximately $85 million, representing just 0.08% of the total USDT supply. Meanwhile, on EOS, the figure is even lower, with approximately $17 million in USDT, equivalent to 0.015% of the total supply.

Despite halting USDT issuance, Tether will continue providing redemption services for the stablecoin on Algorand and EOS for the next 12 months. This redemption period will allow users to adjust their strategies and minimize any potential impact on their operations.

Tether’s decision to prioritize community-driven blockchain support is a strategic move to optimize operational efficiency within the ecosystem. By focusing on platforms with greater capacity to meet community needs and expectations, Tether aims to strengthen USDT’s position as a leading stablecoin in the market and maintain the trust of its users.

News source：https://www.kdj.com/cryptocurrencies-news/articles/tether-announces-strategic-transition-prioritize-communitydriven-blockchain-support.html

The above is the detailed content of Tether Announces Strategic Transition to Prioritize Community-Driven Blockchain Support. For more information, please follow other related articles on the PHP Chinese website!