Tether, the issuer of the USDT stablecoin, has announced that it will no longer be creating new tokens on the Eos and Algorand networks. In a statement released on June 24, Tether stated that it will cease minting USDT on these blockchains starting today. However, the company will continue to support the protocols and chains that the community finds valuable and will encourage the expansion of USD₮ use cases on each protocol.
Tether also mentioned that it will continue to redeem USD₮ on EOS and Algorand as usual for the next 12 months. The company added that it may evaluate and announce other changes during that time.
When deciding which blockchains to bring USD₮ to, Tether considers community interest and carefully evaluates the network security architecture to ensure security, usability, and sustainability. The company’s goal is to allocate resources where they can enhance security and efficiency while supporting innovation in the crypto landscape.
As of now, Tether is priced at US$0.997, representing a 0.2% decrease in the past 24 hours.
In another announcement, Tether revealed its new digital asset called “Alloy,” which is backed by Tether Gold. The company stated that Alloy, developed by Moon Gold NA and Moon Gold El Salvador, aims to combine the stability of gold with the advantages of a digital currency.
Alloy introduces a new category of digital assets known as pegged assets, which track the price of benchmark assets through stabilization strategies like over-collateralization with liquid assets and secondary market liquidity pools.
It is important to note that the views and opinions expressed in this article are for informational purposes only and should not be considered financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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