Tether Stops Minting USDT Stablecoin on EOS and Algorand

Stablecoin issuer Tether said on Monday USDT Stablecoin To Algorand and EOS Blockchain. Tether will no longer issue new USDT tokens on Algorand and EOS effective immediately.

The company said in a blog post: postThe company said the move is a step towards optimizing the blockchain ecosystem by prioritizing community-driven support and resource allocation.

However, the company will continue to support the redemption of USDT on these blockchains for the next 12 months, after which “further changes may be evaluated and announced,” the post said.

Tether said the decision comes after a thorough evaluation of these blockchains’ network security, usability, and sustainability, and that the company aims to allocate resources to platforms that enhance security and efficiency while supporting innovation in the cryptocurrency industry.

In August 2023, Tether stopped issuing USDT on three other blockchains: Kusama, Bitcoin Cash’s Simple Ledger Protocol (SLP) and the original USDT blockchain, the Omni Layer Protocol.

The first Tether token Bitcoin The company introduced blockchain technology through Omni in October 2014 and has a long history of adapting to the evolving blockchain environment.

Although Tether is withdrawing support from Algorand and EOS, it is actively working to integrate with new blockchain networks. Tether Launches USDT upon Open Network (TON) has issued approximately $500 million worth of stablecoins on the platform, which represents 0.44% of the total circulation of USDT.

Decryption Tether CEO Paolo Ardoino did not immediately respond to a request for comment.

Editor: Andrew Hayward

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