Tether Stops USDT Minting on EOS and Algorand

Tether Stops USDT Printing on EOS and Algorand

Tether Stops USDT– Tether, the prominent stablecoin issuer, is further refining its flagship US dollar-pegged stablecoin, USDT, by halting the issuance of new tokens on additional blockchain platforms.

The company officially announced on its blog on Monday, June 24, that it will cease minting Tether (USDT) on the EOS and Algorand blockchains starting June 24.

Despite this halt, Tether will continue to redeem USDT on EOS and Algorand as usual for the next 12 months. The announcement also suggests that further adjustments may be considered and announced in the future.

The transition is anticipated to occur with minimal impact or interruption

Tether stated that discontinuing USDT minting on EOS and Algorand aligns with its strategy to maintain equilibrium within the Tether ecosystem.

We conduct thorough assessments of each network’s security architecture to uphold safety, usability, and sustainability, Tether emphasized. The company aims to allocate resources where they can optimize security and efficiency while fostering innovation. The announcement further stated:

We assure our community that this transition will be executed meticulously and with minimal disruption. Our top priority remains delivering a seamless user experience, and we are committed to facilitating a hassle-free transition.

Eos and Algorand account for less than 0.1% of the total USDT supply

Eos and Algorand are among 17 blockchains supporting Tether transactions, alongside platforms like Ethereum, Tron, Solana, The Open Network (TON), and others. As of June 22, the total supply of Eos-based Tether in circulation amounted to $75.5 million, representing approximately 0.06% of the total circulating USDT valued at nearly $113 billion, based on Tether’s transparency data.

Algorand-based Tether (USDT) has an even smaller share of the total circulation, with approximately $17 million worth of USDT supply, accounting for about 0.01% of the total circulating USDT.

As previously reported, Tether introduced USDT on the Algorand blockchain in 2020, following the rollout of USDT on the Eos blockchain in May 2019.

Tether’s initial issuance of USDT took place on the Bitcoin blockchain

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

The first issuance of Tether tokens occurred on the Bitcoin blockchain via Omni in October 2014.

While discontinuing support for Eos and Algorand, Tether has actively integrated new blockchain networks such as TON. Since launching TON-based USDT in April 2024, Tether has minted approximately $500 million worth of stablecoins on TON, accounting for 0.44% of the total circulating supply, according to Tether.

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