Stablecoin Issuer Tether Discontinues Support for Algorand (ALGO) and EOS Implementations
The crypto firm behind the largest USD-pegged stablecoin by market cap says it is shifting focus to community-driven blockchains. According to a new press release from Tether, the firm behind USDT, the company always takes “community interest” into consideration when evaluating a blockchain. “Community interest plays a pivotal role when we bring USDT to specific blockchains. We carefully evaluate the network’s security architecture to ensure the safety, usability, and sustainability of the chosen blockchain. Our goal is to allocate resources where they can best enhance security and efficiency while continuing to support innovation across the crypto landscape.” According to the announcement, these and other related concerns have led Tether to dis continue USDT-use support for Algorand (ALGO) and EOS. “The transition will proceed as follows: Tether will stop minting USDT on EOS and Algorand starting today, June 24, 2024. Tether will...