Tether to Stop Minting USDT on EOS and Algorand Blockchains Starting June 24

Despite this halt, Tether will continue to redeem USDT on these blockchains for the next 12 months.

Stablecoin issuer Tether has announced that it will stop minting its US dollar-pegged stablecoin, USDT, on the Eos and Algorand blockchains from June 24.

Announced on Friday, the move is part of Tether’s plan to streamline its operations. However, the company will continue to redeem USDT on these blockchains for the next 12 months.

After June 24, new USDT will no longer be minted on the Eos and Algorand blockchains. However, users will still be able to burn their USDT to withdraw it from these blockchains.

Announcing the change, Tether said that “further changes may be evaluated and announced around that time.”

Tether aims to maintain balance in its ecosystem with this decision.

“We carefully evaluate the network’s security architecture to ensure the safety, usability, and sustainability of the chosen blockchain,” Tether noted.

The company aims to allocate resources to boost security and efficiency while encouraging innovation. They assured users that the transition will be smooth and with minimal disruption.

“Our top priority remains delivering a seamless user experience, and we are committed to facilitating a hassle-free transition,” Tether added.

EOS and Algorand house a small fraction of all circulating USDT. As of June 22, Eos-based USDT in circulation was $75.5 million, which is just 0.06% of the total circulating USDT of nearly $113 billion. Algorand-based USDT had an even smaller share, with around $17 million, or about 0.01% of the total USDT.

Tether introduced USDT on the Algorand blockchain in 2020, following its rollout on the Eos blockchain in May 2019. Both blockchains are among 17 that support Tether transactions, including Ethereum, Tron, Solana, and The Open Network (TON).

In August 2023, Tether stopped minting USDT on Kusama, Bitcoin Cash SLP (Simple Ledger Protocol), and the original USDT blockchain, the Omni Layer Protocol. The first Tether tokens were issued on the Bitcoin blockchain via Omni in October 2014.

While ending support for Eos and Algorand, Tether has integrated new blockchain networks. In April 2024, Tether launched TON-based USDT, minting around $500 million worth of stablecoins based on TON, which is 0.44% of the total circulating supply.

News source：https://www.kdj.com/cryptocurrencies-news/articles/tether-minting-usdt-eos-algorand-blockchains-starting-june.html

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