Tether Issues Update On USDT Halt on Algorand, EOS, & Others

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As an experienced financial analyst following the cryptocurrency market closely, I view Tether’s recent announcement as a well-calculated move to streamline their offerings and prioritize resources towards more active and innovative blockchain ecosystems. Having observed similar decisions by other major players in this space, it is evident that focusing on a select few blockchains can result in significant benefits for both the company and its users.

Tether made a major announcement on July 11, revealing their plans to discontinue issuing USDT and EURT on Algorand, EOS, Omni, and Kusama as part of a broader strategy to strengthen and modernize the blockchain ecosystems supporting these stablecoins. This update comes after Tether’s earlier decision to stop issuance on these platforms and has generated considerable attention from users holding USDT and EURT on Omni, Kusama, SLP, EOS, and Algorand. Here’s a summary of the announcement and its potential impact.

Tether To Halt Accepting Redemption of USDT & EURT

Starting September 1, 2025, USDT and EURT tokens on the specified blockchains will no longer be redeemable through Tether. Additionally, Tether will freeze all remaining tokens on these blockchains on the same date.

As a researcher, I would advise individuals holding stablecoins from our firm to consider redeeming their holdings at the earliest opportunity. For those who are not directly our customers, it is recommended that they transfer their stablecoin holdings to a supported blockchain using a trusted service provider, in accordance with industry standards and best practices.

This mover represents a priority for community input in blockchain development, as highlighted in the announcement. Simultaneously, the company’s stablecoin USDT has launched on the Ton blockchain, signifying another strategic move. These actions underscore the firm’s unwavering commitment to delivering innovative user experiences and positioning itself at the forefront of the industry.

USDT Halt On Algorand, EOS, & Others

As a researcher, I’ve come across an intriguing piece of news from CoinGape Media this year. They mentioned that Tether ceased the issuance of USDT on several blockchains. This move was mainly influenced by factors such as community demand, maintainability, and usage.

As a crypto investor, I’m excited about the recent news that our stablecoin giant has formed a partnership with UQUID. This development is set to revolutionize USDT payments in the Philippines and intensify competition with other players in the market, like Circle and their USDC stablecoin. Together, we’re making significant strides forward, pushing boundaries and setting new standards in the crypto world.

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2024-07-11 18:17