The company behind the largest USD-pegged stablecoin in terms of market capitalization has announced a shift towards supporting community-driven blockchains.

In a recent press release from Tether, the firm responsible for USDT, it was revealed that community interest is a key factor in determining which blockchains the company chooses to work with. Tether carefully assesses the security architecture of each network to ensure the safety, usability, and longevity of the selected blockchain. The company’s aim is to allocate resources where they can enhance security and efficiency while fostering innovation in the cryptocurrency space.

As a result of these considerations, Tether has decided to discontinue support for USDT on Algorand (ALGO) and EOS. The transition plan includes ceasing the minting of USDT on these platforms starting today, June 24, 2024. However, Tether will continue to redeem USDT on Algorand and EOS for the next 12 months, with potential further changes to be announced in the future.

Tether has reassured the crypto community that it will continue to provide support for those who find USDT beneficial. Recent data has shown that the daily average volume of USDT on the Tron (TRX) blockchain has even surpassed that of Visa, a major credit card company.

In addition, Tether recently introduced a new digital asset called aUSDT, which is backed by over-collateralized Tether Gold (XAUT).

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