Stablecoin issuer Tether has announced that it will no longer mint USDT on both EOS and Algorand. The leading stablecoin offering will no longer be issued on the two blockchains beginning Monday, according to a blog post from the company.
Tether stated that it will continue to redeem USDT on both networks for the next year. That aspect of the stablecoin will continue “as usual,” while the firm added that “further changes may be evaluated and announced” over the next 12 months.
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Tether Will No Longer Mint USDT on EOS and Algorand
Tether has recently expressed its goal of allocating “resources where they can best enhance security and efficiency while continuing to support innovation across the crypto landscape.” That pursuit has ultimately led the USDT issuer to announce the end of its support for both EOS and Algorand.
The minting of the stablecoin will officially end today. The firm assures “this transition will be executed meticulously and with minimal disruption.” They also note that the top priority for Tether is ” a seamless user experience,” while assuring they plan to uphold that amid the current change.
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Tether’s USDT is the leading stablecoin by market cap, according to CoinMarketCap. Its market value stands at more than $112 billion, with Circle’s $32 billion USDC coming in second. EOS and Algorand only accounted for 0.1% of the stablecoin’s total supply, according to Tether Transparency.
Moreover, both networks are just 2 of 17 blockchains that facilitate USDT transactions. Among those are prominent networks like Ethereum, Solana, Tron, and more. Tether had first launched USDT on Algorand and EOS in 2019 and 2020, respectively. Additionally, they are among five total blockchains that the company has ceased mining USDT on since August of 2023.