Tether, the company behind the world’s largest stablecoin USDT, made a significant announcement on July 11th, 2024. In a move to streamline its offerings and prioritize user preferences, Tether will be discontinuing support for USDT and EURT stablecoins on several blockchains. This news has significant implications for users holding these specific tokens.
Redemption Deadline Set for September 1, 2025
According to the official announcement, Tether will stop processing redemptions for USDT and EURT on the following blockchains: Algorand, EOS, Omni, and Kusama. This deadline is set for September 1, 2025. After this date, Tether will also freeze any remaining USDT and EURT tokens on these blockchains.
Tether strongly advises users holding USDT or EURT on the affected blockchains to redeem their holdings before September 1, 2025. The announcement clarifies that non-Tether customers can potentially migrate their holdings to supported blockchains through third-party service providers. However, specific details regarding such migration options remain unclear.
Tether emphasizes that this decision reflects their commitment to prioritize community preferences for blockchain development. This aligns with their recent strategic move to launch USDT on the Ton blockchain, demonstrating their focus on innovative user offerings and staying at the forefront of the stablecoin industry.
Earlier USDT Issuance Halt on Affected Blockchains
This news follows Tether’s earlier decision in June 2024 to halt the issuance of new USDT tokens on the aforementioned blockchains. This initial move was driven by considerations of community interest, maintainability, and overall usage on each platform.
Tether’s Continued Dominance in the Stablecoin Market
Despite these changes, Tether remains a dominant player in the stablecoin market. Their recent partnership with UQUID to facilitate USDT payments in the Philippines further strengthens their position. These developments highlight Tether’s ongoing efforts to expand their reach and compete with other stablecoin providers like Circle (USDC issuer).
The clock is ticking for users holding USDT or EURT on Algorand, EOS, Omni, and Kusama. Ensure you redeem your holdings before September 1, 2025, to avoid potential complications.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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