Tether Stops Minting USDT Stablecoin on EOS and Algorand

Stablecoin issuer Tether on Monday announced its decision to stop minting its USDT stablecoin on the Algorand and EOS blockchains. Effective immediately, Tether will no longer issue new USDT tokens on Algorand and EOS.

The company, in a blog post, stated that this move is a step towards optimizing its blockchain ecosystem by prioritizing community-driven support and resource allocation.

However, the company will continue to support the redemption of USDT on these blockchains for the next 12 months. The post notes that “further changes may be evaluated and announced around that time.”

Tether stated that this decision follows a thorough evaluation of the network security, usability, and sustainability of these blockchains. The company aims to allocate resources to platforms that enhance security and efficiency while supporting innovation within the crypto landscape.

In August 2023, Tether ceased minting USDT on three other blockchains: Kusama, Bitcoin Cash‘s Simple Ledger Protocol (SLP), and the original USDT blockchain, the Omni Layer Protocol. 

The first Tether tokens were issued on Bitcoin through Omni in October 2014, marking the company’s longstanding history of adapting to the evolving blockchain environment.

While Tether is withdrawing support from Algorand and EOS, it is actively integrating with new blockchain networks. In April 2024, Tether launched USDT on The Open Network (TON), minting approximately $500 million worth of stablecoins on this platform, representing 0.44% of the total circulating supply of USDT.

Decrypt reached out to Tether CEO Paolo Ardoino but did not immediately receive a response.

Edited by Andrew Hayward

Source link

About The Author

Scroll to Top