Tether has announced the discontinuation of USDT minting on Eos and Algorand blockchains. But don't panic, Tether will continue redemptions for 12 months.
The change takes effect from June 24.
Tether claims, the move is supposed to balance its ecosystem. "We carefully evaluate the network's security architecture," Tether stated.
Tether emphasized a commitment to user experience. "This transition will be executed meticulously and with minimal disruption," the firm assured.
Eos and Algorand are among 17 blockchains supporting Tether transactions. Others include Ethereum, Tron, and Solana.
Tron blockchain is the most efficient and popular for USDT stablecoin. In the end of June Tron-based USDT surpassed Visa in terms of daily transactions for the first time in history.
The data speaks for itself.
As of June 22, Eos-based Tether circulation stood at $75.5 million. This represents 0.06% of total USDT supply.
Algorand-based USDT circulation was lower at $17 million. This accounts for 0.01% of total USDT supply.
This is not Tether's first blockchain abandonment. The company has been selective in its network choices. But it is not all about cutting. Just recently Tether has expanded to new networks. It launched USDT on TON in April 2024.
TON-based USDT has reached $500 million in circulation. This represents 0.44% of total USDT supply.