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Tether is stopping USDT minting on Algorand and EOS due to low usage, while continuing redemptions for 12 months and focusing on more popular blockchains.

Tether, one of the main issuers of stablecoin in the world of cryptocurrencies, recently announced the end of minting USDT on the EOS and Algorand platforms. While the news has generated discussions among users and investors, the long-term implications could lead to a more focused and efficient cryptocurrency market.

Tether announced its decision to immediately discontinue support for the EOS and Algorand blockchain implementations of USDT on June 24.

The crypto firm behind the largest USD-pegged stablecoin by market cap says it is shifting focus to community-driven blockchains. According to a new press release from Tether, the firm behind USDT, the company always takes “community interest” into consideration when evaluating a blockchain.

Tether disclosed that redemption of existing USDT tokens would end after the next 12 months.

Tether has announced plans to discontinue USDT support on Algorand and EOS blockchains. The stablecoin issuer disclosed that minting will stop immediately, but the stablecoin will remain redeemable on the network for the next 12 months.

Tether halts USDT minting on EOS and Algorand to prioritize support for community-driven blockchains.

Tether, the issuer of the world's largest stablecoin, has announced it will stop minting its dollar-linked USDT token on the Algorand and EOS blockchains. This decision is part of a strategic shift to focus on community-driven blockchain support, aiming to balance maintainability, usage, and community interest.

Algorand and EOS will get no more USDT as Tether quits minting on those chains, with redemption support only promised for the next year.

Tether plans to sunset USDT minting on two major blockchain ecosystems over a year-long transitionary period.

The circulating supply of the dollar-linked stablecoin on the two blockchains represents roughly 0.1% of the total USDT supply.

Tether will stop minting USDT on EOS and Algorand starting June 24, 2024 and focus on community-driven blockchains.

Tether, the issuer of USD₮ tokens, is shifting its focus towards “enhancing community-driven blockchain support.” As part of this strategic transition, Tether will cease support for the EOS and Algorand implementations.

Users of stablecoin issuer Tether have just received news of the scheduled discontinuation of support on two major blockchains. Tether Standard Too High for Algorand and EOS According to its update, Tether announced that it has decided to withdraw its support for the EOS and Algorand implementations.

Tether assesses the security architecture of each network to ensure the safety, usability, and sustainability of the chosen blockchain. The stablecoin aims to allocate resources to enhance security, efficiency, and foster innovation in the crypto landscape.

Tether discontinues support for the EOS and Algorand implementations of its flagship stablecoin USDT.

Tether will discontinue support for EOS and Algorand implementations by stopping the minting of USDT on both blockchains today.

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