Hassan Shittu
Last updated:
June 25, 2024 at 02:00 GMT+3
| 1 min read
Tether announced its decision to immediately discontinue support for the EOS and Algorand blockchain implementations of USDT on June 24.
Tether’s blog post emphasized the decision was part of the company’s ongoing commitment to maintaining a robust blockchain ecosystem while focusing resources on platforms that best serve the community’s needs.
Tether to Optimize its Blockchain Ecosystem.
Following the termination of new USDT minting on these platforms, Tether will continue to redeem USDT on EOS and Algorand for the next 12 months.
“Further changes may be evaluated and announced around that time,” the company noted.
According to Tether, the move is a step towards optimizing its blockchain ecosystem by prioritizing community-driven support and resource allocation.
“Community interest plays a pivotal role when we bring USDT to specific blockchains,” the announcement read.
The company seeks to allocate resources to enhance security and efficiency while supporting innovation across the crypto ecosystem. Tether said it will continue to support other protocols and chains that the community finds valuable, encouraging the expansion of USDT use cases across various platforms.
USDT Goes In and Out of Different Blockchains Due to Minimal Adoption.
Tether USDT was launched on the Algorand blockchain in 2020, and it has seen minimal adoption there. Only $17 million USDT is held by 39,000 holders, and a reserve allocation of $18 trillion is allocated.
Similarly, on the Eos blockchain, where USDT was introduced in May 2019, there are currently $85 million USDT tokens distributed among 32,000 holders. These figures represent a tiny fraction of the overall USDT supply, with a market cap of $112 billion.
As of June 22, 2024, EOS-based USDT in circulation amounts to $75.5 million, approximately 0.06% of all circulating USDT. Algorand-based USDT holds an even smaller share, with around $17 million, or about 0.01% of the total supply. These low adoption rates have prompted Tether to cease issuing USDT on these blockchains.
The move follows Tether’s August 2023 decision to stop minting USDT on three other blockchains: Kusama, Bitcoin Cash’s Simple Ledger Protocol (SLP), and the original USDT blockchain, the Omni Layer Protocol. Tether’s first tokens were issued on Bitcoin...
#crypto #bitcoin #ethereum #cryptocurrency #news #blockchain #litecoin #cryptonews #cryptonewstoday #cryptoworld #cryptoworlddaily #algorand #algorandnews #algorandnewstoday #tether #tethernews #tethernewstoday #tetherusdt #tetherusdtnews #cryptonewsalerts
***NOT FINANCIAL, LEGAL, OR TAX ADVICE! JUST OPINION! I AM NOT AN EXPERT! I DO NOT GUARANTEE A PARTICULAR OUTCOME I HAVE NO INSIDE KNOWLEDGE! YOU NEED TO DO YOUR OWN RESEARCH AND MAKE YOUR OWN DECISIONS! THIS IS JUST ENTERTAINMENT!
This information is what was found publicly on the internet. This information could’ve been doctored or misrepresented by the internet. All information is meant for public awareness and is public domain. This information is not intended to slander harm or defame any of the actors involved but to show what was said through their social media accounts. Please take this information and do your own research.
bitcoin, blockchain, crypto, cryptocurrency, altcoin, investment, ethereum, bitcoin crash, xrp, cardano, ripple #crypto flashing #crypto price in google sheets
Tether Halts USDT Issuance on EOS and Algorand Blockchains [FXzwkqs2yGa]
Hassan Shittu
Last updated:
June 25, 2024 at 02:00 GMT+3
| 1 min read
Tether announced its decision to immediately discontinue support for the EOS and Algorand blockchain implementations of USDT on June 24.
Tether’s blog post emphasized the decision was part of the company’s ongoing commitment to maintaining a robust blockchain ecosystem while focusing resources on platforms that best serve the community’s needs.
Tether to Optimize its Blockchain Ecosystem.
Following the termination of new USDT minting on these platforms, Tether will continue to redeem USDT on EOS and Algorand for the next 12 months.
“Further changes may be evaluated and announced around that time,” the company noted.
According to Tether, the move is a step towards optimizing its blockchain ecosystem by prioritizing community-driven support and resource allocation.
“Community interest plays a pivotal role when we bring USDT to specific blockchains,” the announcement read.
The company seeks to allocate resources to enhance security and efficiency while supporting innovation across the crypto ecosystem. Tether said it will continue to support other protocols and chains that the community finds valuable, encouraging the expansion of USDT use cases across various platforms.
USDT Goes In and Out of Different Blockchains Due to Minimal Adoption.
Tether USDT was launched on the Algorand blockchain in 2020, and it has seen minimal adoption there. Only $17 million USDT is held by 39,000 holders, and a reserve allocation of $18 trillion is allocated.
Similarly, on the Eos blockchain, where USDT was introduced in May 2019, there are currently $85 million USDT tokens distributed among 32,000 holders. These figures represent a tiny fraction of the overall USDT supply, with a market cap of $112 billion.
As of June 22, 2024, EOS-based USDT in circulation amounts to $75.5 million, approximately 0.06% of all circulating USDT. Algorand-based USDT holds an even smaller share, with around $17 million, or about 0.01% of the total supply. These low adoption rates have prompted Tether to cease issuing USDT on these blockchains.
The move follows Tether’s August 2023 decision to stop minting USDT on three other blockchains: Kusama, Bitcoin Cash’s Simple Ledger Protocol (SLP), and the original USDT blockchain, the Omni Layer Protocol. Tether’s first tokens were issued on Bitcoin...
#crypto #bitcoin #ethereum #cryptocurrency #news #blockchain #litecoin #cryptonews #cryptonewstoday #cryptoworld #cryptoworlddaily #algorand #algorandnews #algorandnewstoday #tether #tethernews #tethernewstoday #tetherusdt #tetherusdtnews #cryptonewsalerts
***NOT FINANCIAL, LEGAL, OR TAX ADVICE! JUST OPINION! I AM NOT AN EXPERT! I DO NOT GUARANTEE A PARTICULAR OUTCOME I HAVE NO INSIDE KNOWLEDGE! YOU NEED TO DO YOUR OWN RESEARCH AND MAKE YOUR OWN DECISIONS! THIS IS JUST ENTERTAINMENT!
This information is what was found publicly on the internet. This information could’ve been doctored or misrepresented by the internet. All information is meant for public awareness and is public domain. This information is not intended to slander harm or defame any of the actors involved but to show what was said through their social media accounts. Please take this information and do your own research.
bitcoin, blockchain, crypto, cryptocurrency, altcoin, investment, ethereum, bitcoin crash, xrp, cardano, ripple #crypto flashing #crypto price in google sheets