DeFi
Tether partners with Uquid to launch 1USDT store
Tether Operations Limited announced a partnership with Uquid, a Web 3 e-commerce platform, to launch the “1 USDT” store. This innovative project aims to demonstrate the practical application of USDT in everyday transactions and digital commerce.
By taking advantage Challenge blockchain technology and infrastructure, the initiative aims to improve crypto micropayments and improve the overall crypto shopping experience. The move represents an important step toward integrating cryptocurrencies into everyday retail operations.
Tether’s New Retail Initiative and Store Features
The partnership between Attached and Uquid marks a major evolution in digital commerce. The “1 USDT” store will offer a wide range of products purchasable exclusively with USDT, allowing users to make efficient purchases. Customers can access the store via the website
or via the Telegram bot »@shop1USDT_bot“. The store’s inventory includes various digital items such as mobile top-ups and gift cards, as well as physical products, all priced under 1 USDT and tailored to different markets.
Uquid, which has been at the forefront of Web3 purchasing infrastructure since 2016, uses blockchain technology and decentralized finance to offer secure and transparent purchases. The company upgraded its DeFi payment system to address Web 2.0 shopping issues and provide a seamless Web3 shopping experience. The Uquid CEO highlighted that this Tether-backed initiative sets a new standard for convenience and accessibility in digital shopping.
In the same light Paolo Ardoino, CEO of Tether, expressed his enthusiasm for the partnership, highlighting its potential to transform the cryptocurrency purchasing experience. He highlighted the success in creating unlimited, reliable and non-restrictive cross-border payment solutions, marking a new era of convenient, transparent and rewarding digital transactions for users and merchants.
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Tether’s decision on EOS and Algorand
In a separate development, Tether has decided to end support for USDT on the EOS and Algorand Blockchains. This decision was based on factors such as community interest, maintenance requirements and usage levels. Tether explained that it carefully evaluates a blockchain’s security features before launching USDT on it, prioritizing security and long-term viability. The implication is that EOS and Algorand may not have met Tether’s strict criteria.
Following this decision, Tether immediately stopped minting USDT on these networks. However, to ensure a smooth transition for users, the company will continue to allow USDT redemptions on EOS and Algorand over the next 12 months. The move highlights Tether’s commitment to maintaining the highest standards of security and efficiency in its operations across different blockchain platforms.
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