Token

Resistance

Galxe

In a follow-up of Tether’s decision to stop issuing USDT on Algorand, EOS, Omni, and Kusama, the stablecoin giant revealed a crucial update today, July 11. As a broader approach to facilitate a robust and innovative blockchain ecosystem for USDT and EURT, the firm spotlighted its next steps in discontinuing support for the mentioned stablecoins on the abovestated blockchains. The announcement has promptly gained significant traction among Tether users holding these stablecoins on Omni, Kusama, SLP, EOS, and Algorand. Here’s an overview of the announcement and its potential implications.
<h2 id="tether-to-halt-accepting-redemption-of-usdt-eurt">Tether To Halt Accepting Redemption of USDT &amp; EURT</h2>
According to the firm’s official announcement, USDT and EURT will not be redeemable via <a rel="noopener noreferrer nofollow" href="https://tether.io/news/tether-provides-an-update-on-prioritizing-community-preferences-for-blockchain-support-in-strategic-shift/" target="_blank">Tether</a> on the mentioned blockchains starting September 1, 2025. Further, the stablecoin gaint will freeze the remaining tokens on the mentioned blockchains on the same date.
Users holding these <a href="https://coingape.com/glossary/stable-coins/" target="_blank" rel="noopener noreferrer nofollow">stablecoins</a> are advised to redeem their holdings as soon as possible. ‘Holders who are not customers may seek to migrate their holdings to a supported blockchain through an available service provider in accordance with norms,’ the firm added.
This mover comes as an approach to prioritize community preferences for blockchain development, the announcement boldly spotlighted. Meanwhile, in another strategic shift, the firm’s stablecoin USDT went live on the Ton blockchain. These developments underscore an undeterred sense of offering revolutionized user offerings, pushing the firm to be among industry pioneers.
Also Read: <a href="https://coingape.com/xrp-news-token-breaches-0-45-resistance-amid-whale-activity-what-next/" target="_blank" rel="noopener noreferrer nofollow">XRP News: Token Breaks $0.45 Resistance Amid Whale Activity, What’s Next?</a>
<h2 id="usdt-halt-on-algorand-eos-others">USDT Halt On Algorand, EOS, &amp; Others</h2>
Earlier this year, CoinGape Media reported that Tether stopped issuing <a href="https://coingape.com/just-in-tether-to-stop-issuing-usdt-on-algorand-and-eos/" target="_blank" rel="noopener noreferrer nofollow">USDT</a> on the abovementioned stockpile of blockchains. The decision was primarily attributable to considerations regarding community interest, maintainability, and usage.
Meanwhile, the firm recently announced a partnership with UQUID, revolutionizing <a href="https://coingape.com/tether-reveals-major-partnership-for-usdt-adoption/" target="_blank" rel="noopener noreferrer nofollow">USDT payments</a> in the Philippines. Collectively, the stablecoin giant has made monumental strides recently, intensifying rivalry with competitors such as Circle, the issuer of the stablecoin USDC.
Also Read: <a href="https://coingape.com/galxe-gal-and-polymesh-polyx-surge-over-8-heres-why/" target="_blank" rel="noopener noreferrer nofollow">Galxe (GAL) and PolyMesh (POLYX) Surge Over 8%, Here’s Why</a>
The post <a href="https://coingape.com/tether-issues-update-on-usdt-halt-on-algorand-eos-others/" rel="noopener noreferrer nofollow">Tether Issues Update On USDT Halt on Algorand, EOS, &amp; Others</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

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

Table of Contents

Coingape News Media

Other articles published on Jul 11, 2024

German Government Offloads Another 1125 BTC To Exchanges

PEPE Whale Moves $135 Million as Ethereum ETF News Spreads: Will Prices Change?

Donald Trump Will Speak at Bitcoin Conference in Nashville

Celer and Compound Hacked: dYdX, Pendle, and Other DeFi Platforms at Risk

Bitcoin mining: Hut 8 expands to Texas amid drop in BTC miner revenues

Join Exclusive Airdrops Now

Join our free newsletter for daily crypto updates!