Tether, the issuer of the top stablecoin USDT, has recently announced an exclusive update. As per the company, it is carrying out a strategic shift for support concerning diverse blockchain firms, highlighting the determination to prioritize the preferences of the community. In addition to this, it also targets improving the overall blockchain sector for the USDT along with other tokens. The platform announced this development on its official X account. Earlier, Tether announced the launch of Alloy, a digital asset b backed by Tether Gold.
Tether Prioritizes Community Preferences in Its Latest Update for Blockchain Support
Apart from that, it also published a comprehensive blog post on its web portal to provide the details of the endeavor. It pointed out that the decision indicates the platform’s efforts to maintain a balance between community interest, usage, and maintainability. Tether reportedly values the input from the community in the decision-making procedure for the deployment of the Tether coins on particular blockchains.
That platform assesses many chief factors while dealing with blockchain support. They take into account network security, oversight, regulatory compliance, and customer support. The respective considerations guarantee sustainability, usability, and consumer safety while promoting the present innovation across the crypto realm.
Following a comprehensive evaluation, the company formerly announced that it would discontinue the stablecoin support concerning several coins’ implementation. These tokens include SLP, Kusama, and Omni. Formerly during this year, the firm expanded the respective discontinuation for the inclusion of the Algorand and EOS implementations. This decision targets allocation of the resources more efficiently, improving the effectiveness throughout supported blockchains.
The Platform Will Stop Accepting EUR and USDT Redemptions Commencing on September 1
The stablecoin issuer has also updated about the potential upcoming steps for the discontinuation of support regarding EUR and USDT. The platform will reportedly carry this out on the above-mentioned blockchains. Therefore, it will stop accepting EUR and USDT redemptions on Algorand, EOS, SLP, Kusama, and Omni from September 1 onwards. Additionally, it will freeze the remaining EUR and USDT tokens on the respective blockchains on the same date.
