Tether Operations Limited has 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 leveraging DeFi technology and blockchain infrastructure, the initiative seeks to enhance crypto micropayments and improve the overall crypto shopping experience. This move represents a significant step towards integrating cryptocurrency into daily retail activities.
Tether’s New Retail Initiative And Store Features
The partnership between Tether and Uquid marks a major development in digital commerce. The “1 USDT” store will offer a wide range of products purchasable exclusively with USDT, enabling efficient shopping for users. Customers can access the store through 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 shopping infrastructure since 2016, uses blockchain technology and decentralized finance to provide secure and transparent shopping. The company has upgraded its DeFi payment system to address Web 2.0 shopping concerns and offer a seamless Web3 shopping experience. Uquid’s CEO emphasized 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 excitement about the partnership, highlighting its potential to transform the crypto shopping experience. He emphasized the achievement of creating limitless cross-border payment solutions that are reliable and non-restrictive, marking a new era of convenient, transparent, and rewarding digital transactions for both users and merchants.
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Tether’s Decision on EOS and Algorand
In a separate development, Tether has decided to discontinue support for USDT on the EOS and Algorand blockchains. This decision was based on factors including community interest, maintenance requirements, and usage levels. Tether explained that it carefully evaluates a blockchain’s security features before launching USDT on it, prioritizing safety and long-term viability. The implication is that EOS and Algorand may not have met Tether’s stringent criteria.
As a result of this decision, Tether has 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 for the next 12 months. This move underscores Tether’s commitment to maintaining the highest standards of security and efficiency in its operations across different blockchain platforms.
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