Rebeca Moen
Jul 11, 2024 12:09
Tether announces it will discontinue support for Omni, Kusama, SLP, EOS, and Algorand blockchains by September 2025, prioritizing community preferences and security.
Tether, the issuer of the widely used stablecoin USD₮ (USDT), has announced a strategic shift in its blockchain support strategy. According to tether.io, the company will discontinue support for USD₮ and EUR₮ on the Omni, Kusama, SLP, EOS, and Algorand blockchains by September 1, 2025.
Community-Driven Decisions
Tether emphasizes that community input plays a crucial role in its decision-making process. The company evaluates several factors, including network security, customer support, regulatory compliance, and oversight, to ensure user safety and sustainability. This strategic shift aims to allocate resources to enhance security and efficiency while supporting innovation across the cryptocurrency landscape.
Previous Announcements
Last year, Tether announced the discontinuation of stablecoin support for the Omni, Kusama, and SLP implementations. Earlier this year, the company extended this decision to include the EOS and Algorand blockchains. The latest update provides detailed steps for discontinuing support for USD₮ and EUR₮ on these blockchains.
Key Dates and Actions
- Starting on September 1, 2025, Tether will no longer accept redemptions of USD₮ or EUR₮ on Omni, Kusama, SLP, EOS, and Algorand.
- On the same date, Tether will freeze all remaining USD₮ and EUR₮ on these blockchains.
Tether customers holding USD₮ and EUR₮ on these blockchains are advised to redeem their holdings as soon as possible. Alternatively, they can request issuance of these stablecoins on a supported blockchain, in accordance with Tether’s Terms of Service. Non-customers may seek to migrate their holdings to a supported blockchain through an available service provider.
Future Implications
This move underscores Tether’s commitment to fostering a robust and innovative blockchain ecosystem. By prioritizing community preferences and focusing on security and efficiency, Tether aims to pave the way for a more sustainable and democratized financial system. The company’s decision to discontinue support for certain blockchains highlights the dynamic nature of the cryptocurrency industry and the importance of adaptability in maintaining a secure and efficient ecosystem.
For further information, please refer to the official announcement on tether.io.
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