Tether (USDT) Plans to Sunset Minting on Algorand and EOS Over a Year-Long Transitionary Period

Stablecoin giant Tether announced its decision to shutter USDT support on Algorand and EOS within the next 12 months, citing a pivot to more community-centric networks.

Stablecoin issuer Tether announced plans to gradually discontinue support for USDT on two major blockchain ecosystems over the next 12 months.

The move, which will see Tether shift its focus to more community-centric networks, comes as part of a strategic transition.

“Our goal is to allocate resources where they can best enhance security and efficiency while continuing to support innovation across the crypto landscape,” the firm said in an announcement on Monday.

The decision follows a banner year for stablecoin adoption and usage, which saw USDT play a pivotal role in facilitating transactions and providing a stable store of value amid market volatility.

Despite the growth, the stablecoin space has also faced regulatory scrutiny and concerns over the lack of transparency and reserves backing some stablecoins.

In a bid to address these issues, several jurisdictions, including the United States, have moved to introduce stablecoin regulation.

However, the crypto industry has largely opposed the measures, arguing that they could stifle innovation and harm the nascent digital asset sector.

In related news, Tether recently announced plans to launch a Chinese yuan-pegged stablecoin, which will be available on the Tron, Ethereum, Avalanche, Polygon, and Near blockchains.

The stablecoin, dubbed CNH₮, will be fully backed by offshore Chinese yuan deposits held in Tether’s treasury, the firm said.

News source：https://www.kdj.com/cryptocurrencies-news/articles/tether-usdt-plans-sunset-minting-algorand-eos-transitionary-period.html

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