Tether has announced a strategic transition to prioritize community-driven blockchain support, revealing plans to discontinue USDT support on EOS and Algorand.
This transition will be completed within the next 12 months, marking a significant shift in Tether’s strategy.
Tether announced a strategic transition to prioritize community-driven blockchain support. Tether will stop supporting EOS and Algorand and will stop issuing USDT on EOS and Algorand. The transition will be completed within the next 12 months. https://t.co/4GihXRUgih
— Wu Blockchain (@WuBlockchain) June 24, 2024
The decision to cease issuing USDT on EOS and Algorand has sparked widespread discussion and concern within the crypto community.
Tether’s move reflects its ongoing assessment of technical infrastructure and community needs, aiming for greater sustainability and technical innovation. This shift indicates Tether’s focus on optimizing its resources and support towards blockchains that align more closely with its strategic goals and user base.
Data Reveals Ethereum Foundation’s Handling Of USD Net Flows From Its Wallets
In other news, data from intotheblock highlights a noteworthy trend regarding the Ethereum Foundation’s handling of USD net flows from its wallets. Historically, during each bull market, the Ethereum Foundation has strategically sold substantial amounts of ETH, often timing these sales almost perfectly with market peaks. This pattern has been a point of interest for market observers, as it suggests a deliberate strategy to maximize gains during bullish cycles.
This chart presents the USD net flows from Ethereum Foundation wallets.
Historically, during each bull market, the Foundation has strategically sold substantial amounts, often aligning these sales almost perfectly with market peaks.
In the current cycle, the Ethereum… pic.twitter.com/D1j0uxN8NG
— IntoTheBlock (@intotheblock) June 25, 2024
However, in the current cycle, the Ethereum Foundation has yet to execute any significant sales. This deviation from past behavior has raised questions and speculation about the Foundation’s future plans and its potential impact on the market. The lack of substantial sales could indicate a more cautious approach or a strategic decision to hold assets amid ongoing market developments.
These developments underscore the dynamic nature of the cryptocurrency market and the strategic decisions made by key players like Tether and the Ethereum Foundation. As Tether transitions its support to more community-driven blockchains and the Ethereum Foundation holds its assets, the crypto community remains attentive to these influential moves and their implications for the broader market.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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