Tether to decommission USDT on Algorand and EOS

Tether plans to cease issuance of USDT on the two major blockchain ecosystems over a one-year transition period.

Stablecoin giant Tether has announced its decision to discontinue support for USDT on Algorand and EOS within the next 12 months, citing a shift towards a more community-centric network.

Ann Official Notice The company said Monday that it plans to increase its focus on balancing maintainability, usability and community interest. “Our goal is to allocate resources to where we can maximize security and efficiency while continuing to support innovation across the crypto environment,” the company said in its announcement.

Tether Cuts Blockchain Support to 12 Networks

According to the stablecoin issuer, users will be able to cash out their USDT holdings on Algorand and EOS until next year. Tether also reserves the right to make further announcements or changes on this matter.

Algorand (ALGO) and EOS (EOS) native tokens both fell slightly on the news after their respective daily trading volumes surged by more than 100%, according to CoinMarketCap data.

The withdrawal of USDT, by far the largest US dollar-pegged stablecoin on the market, from Algorand and EOS has reduced the number of supported networks from 14 to 12. Unless plans change, users can currently only access USDT on Avalanche, Celo, Cosmos, Ethereum, Liquid Network, Near, Polkadot, Solana, Tezos, The Open Network (TON), and Tron.

The news marks the first time that the USDT issuer has stopped issuing a stablecoin on a decentralized network since 2023. Last August, the digital payments giant discontinued USDT on Bitcoin, Bitcoin Cash and Kusama.

USDT circulating supply | Source: IntoTheBlock

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