Tether has ceased issuing its flagship stablecoin, USDT, on the EOS and Algorand blockchains as part of its ongoing updates.
The stablecoin giant announced the discontinuation of USDT minting on EOS and Algorand blockchains, effective June 24, in a recent blog post.
While Tether will no longer create new USDT on EOS and Algorand, the firm clarified it will continue to redeem USDT on these blockchains for the next 12 months as usual. Additional changes may be considered and announced in due course.
According to Tether, this decision aligns with its strategy to maintain a balanced ecosystem for Tether USDT across various platforms.
“We assess each blockchain’s security architecture to ensure safety, usability, and sustainability,” Tether stated, emphasizing its commitment to optimizing security and efficiency while fostering innovation.
The company assured its community that the transition will be managed carefully to minimize disruption, prioritizing a seamless user experience.
EOS and Algorand account for less than 0.1% of the total USDT supply, with EOS-based Tether circulating approximately $75.5 million and Algorand-based Tether around $17 million as of June 22, according to Tether’s transparency data.
EOS and Algorand are among 17 blockchains supporting Tether transactions, alongside Ethereum, Tron, Solana, The Open Network (TON), and others.
Tether introduced USDT on the Algorand blockchain in 2020 and on EOS in May 2019.
Summary Review: Tether’s decision to halt the minting of USDT on EOS and Algorand reflects its strategic focus on optimizing the stability and efficiency of its US dollar-pegged stablecoin across various blockchain platforms. While EOS and Algorand have played a minor role in the overall USDT supply, accounting for less than 0.1%, Tether remains committed to ensuring the security and sustainability of its operations. Moving forward, Tether will continue to support redemption of USDT on EOS and Algorand for the next year, maintaining continuity for users. As part of its ongoing evaluation, the company may announce further adjustments to its blockchain support strategy in the future. Throughout this transition, Tether emphasizes its dedication to providing a seamless user experience and fostering innovation within the cryptocurrency ecosystem.
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