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Tether Ends USDT Minting on Eos and Algorand; No One Will Mourn

Alexey BondarevJun, 25 2024 14:47

#Ethereum #Tether #USDT #Algorand

Tether Ends USDT Minting on Eos and Algorand; No One Will Mourn

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.

Alexey Bondarev

Alexey Bondarev is the Head of Content at Yellow.com, having reported on crypto for the last 10 years. He specializes in in-depth Research and Learn pieces, with a focus on analytical reporting, industry context, and the bigger forces shaping crypto, from the AI era and security technologies to fintech innovation. He believes that everything digital will imminently overcome everything analogue and is working hard to make that come true.

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Tether Ends USDT Minting on Eos and Algorand; No One Will Mourn | Yellow