As a researcher with experience in the cryptocurrency industry, I’m closely following the latest developments regarding Tether’s decision to discontinue support for EOS and Algorand. This is not an unprecedented move for Tether, as we’ve seen similar announcements in the past regarding other blockchains.
Tether users have been informed that support for their digital currency will be ending on two prominent blockchain networks, according to recent announcements.
Tether Standard Too High for Algorand and EOS
Based on recent news, Tether has revealed its intention to discontinue its backing for the EOS and Algorand versions.
As a crypto investor, I carefully weighed the pros and cons before reaching a decision, taking into account the needs of the community, ease of use, and long-term viability. Tether explained that when deciding which blockchain to host USDT, they examine crucial aspects such as security architecture. This meticulous approach ensures the protection, adaptability, and longevity of the chosen platform for our digital currency.
“Our goal is to allocate resources where they can best enhance security and efficiency while continuing to support innovation across the crypto landscape,” Tether wrote.
As a researcher examining the performance of USDT on Algorand and EOS, I’ve discovered that these blockchains have fallen short in meeting most of the desired metrics. Due to this finding, our firm has decided to halt the minting of USDT on both platforms with immediate effect. However, rest assured that USDT redemption on EOS and Algorand will remain uninterrupted for the next twelve months.
As a researcher studying Tether, I can share that the company expects to make more adjustments and announce them soon. For those utilizing both Tether platforms, rest assured that the transition will be seamless and free of complications.
As a financial analyst, I would rephrase it as follows: Among the cryptocurrencies listed initially, removing EOS and Algorand leaves USDT (Universal Stablecoin Token) primarily distributed across other platforms such as Avalanche, Celo, Kava (part of Cosmos), Ethereum, Liquid Network, NEAR, Polkadot, Solana, Tezos, TON, and Tron. A substantial portion of USDT’s existence lies within the Ethereum and Tron networks.
Notably, this is not the first time that Tether will make such move.
USDT Goes in And Out of Different Blockchains
In August of last year, Tether announced that it would no longer provide support for its USDT stablecoin on the Bitcoin (BTC) blockchain, effective August 17, 2023. This means that Tether will cease issuing or “minting” new USDT tokens on the Omni Network, which includes the BTC variant, Kusama, and Bitcoin Cash Simple Ledger Protocol (BCH-SLP) blockchains.
As a crypto investor, I can tell you that Tether has kept its redemption process in place for USDT-Omni, USDT-Kusama, and USDT-BCHSLP for a minimum duration of twelve months, just like it did with EOS and Algorand.
Instead of “On the other hand,” you could use “Contrarily” or “However.” For paraphrasing the rest of the sentence, you might consider:
As a researcher studying the blockchain industry, I believe that integrating USDT (Tether’s stablecoin) onto the Toncoin Network would significantly boost its functionality and utility. Moreover, this development positions Toncoin as a key player in an ever-evolving regulatory landscape and cutting-edge blockchain applications. The potential benefits for the future are promising and signal an exciting road ahead.
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2024-06-24 16:34