Tether Stops Minting Its USDT Stablecoin on Algorand and EOS Blockchains

Effective immediately, Tether will no longer issue new USDT tokens on Algorand and EOS. However, Tether will continue to be exchangeable for stablecoins on both chains over the next 12 months.

StablecoinissuerTetherhasannouncedthatitwillnolongerminttheU.S.dollar-peggedUSDTtokenontheAlgorandandEOSblockchains. itionToBeHassle-FreeTetherhasdroppedsupportfortheAlgorandandEOSimplementationsbyhaltingmintingonbothblockchainstoday."AspartofourongoingeffortstooptimizetheTetherblockchainecosystemandprioritizecommunity-drivensupportandresourceallocation,effectiveimmediately,wewillnolongerbemintingnewUSDTtokensontheAlgorandandEOSblockchains," thecompanyannouncedinaJune24blogpost .However, the company will continue to support the redemption of USD on the two blockchains for then next 12 months, at which point the company may evaluate and announce further changes. "Tetheradeded.previoushaltsonBitcoin, Bitcoincash, AndkusamaalgranDeosarenlyChainStHATHASOPTEDTINEWUANCE.Inaugust 2023, testoppedMintingusdtonthreeotherBlockchains: Kusama, BitcoinCash'sSIMPLELEDGERPROTOL (SLP), andTheoriginalusdtBlockChain, Theomily ERPROTOCOL.THERSTTTTTTTTHERTOKENSWITCOINBLONTHONINIINININivelycys2014.TetherNowSusitsusdtStStSITSUSUSTABLECOINETHEREUM, Avalanche, C Elo, Kava (COSMOS), liquidnetwork, near, solanda, polkadot, andtron.oftheninechains ,theEthereumandTronblockchainshostthelion'sshareoftheUSDTsupply.Whileremovingthesechains,TetherhasbeenactivelyintegratingnewblockchainnetworkssuchasTheOpenNetwork(TON).InApril2024,TetherlaunchedTON-basedUSDTandhassofarmintedroughly$500millionworthofstablecoinsontheplatform,or0.44%oftheaggregatedcirculatingsupplyofUSDT.Ac cordingtoCoinGeckodata,thepriceoftetherhasgained0.1%overthepast24hoursandcurrentlytradesat$1.

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