Bitcoin Cash

Algorand

April

Omni

Stablecoin giant Tether is continuing to transform its flagship United States dollar-pegged stablecoin USDT by halting the issuance of new USDT tokens on several more blockchains.
The company will stop minting Tether (<a href="https://cointelegraph.com/tether-price-index">USDT</a>) on the Eos and Algorand blockchains starting June 24, it officially <a href="https://tether.io/news/tether-announces-strategic-transition-to-prioritize-community-driven-blockchain-support/" target="_blank" rel="noopener nofollow">announced</a> on its blog on Monday, June 24.
Following the termination, Tether will continue to redeem USDT on Eos and Algorand “as usual” for the next 12 months. “Further changes may be evaluated and announced around that time,” the announcement notes.
<h2 data-ct-non-breakable="true" id="transition-is-expected-to-be-executed-with-minimal-disruption">Transition is expected to be executed with minimal disruption</h2>
According to Tether, removing Eos and Algorand-based USDT minting aligns with the company’s commencement of maintaining balance in the Tether ecosystem.
“We carefully evaluate the network’s security architecture to ensure the safety, usability, and sustainability of the chosen blockchain,” Tether noted, adding that its ultimate goal is to “allocate resources where they can best enhance security and efficiency” while promoting innovation. The announcement added:
<blockquote data-ct-non-breakable="true">
 “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.”
</blockquote>
<h2 data-ct-non-breakable="true" id="eos-and-algorand-make-up-less-than-0-1-of-total-usdt-supply">Eos and Algorand make up less than 0.1% of total USDT supply</h2>
Eos and Algorand are just two of 17 blockchains that enable Tether transactions on multiple blockchain networks, including Ethereum, Tron, Solana, The Open Network (TON) and others. 
As of June 22, the total Eos-based Tether in circulation was $75.5 million, or just about 0.06% of all circulating USDT worth nearly $113 billion, <a href="https://tether.to/en/transparency/?tab=usdt" target="_blank" rel="noopener nofollow">according</a> to data from Tether transparency.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/e655b6fc-9e01-4a6b-bbe5-50e7e34e02a8.png">
 <figcaption style="text-align: center;">
 Eos and Algorand USDT supply as of June 22, 2024. Source: Tether Transparency
 </figcaption>
</figure>
Algorand-based Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) has an even smaller share of total USDT circulation, with around $17 million worth of the USDT supply, or about 0.01% of the total circulating USDT.
As previously reported, <a href="https://cointelegraph.com/news/tether-launches-usdt-stablecoin-on-algorand-blockchain">Tether launched USDT on the Algorand</a> blockchain in 2020, a few months after <a href="https://cointelegraph.com/news/tether-stablecoin-now-available-on-eos-blockchain">rolling out USDT on the Eos</a>&nbsp;blockchain in May 2019.
Related: <a href="https://cointelegraph.com/news/binance-usdt-toncoin-integration">Binance integrates USDT on TON, opens transactions</a>
Eos and Algorand aren’t the only two blockchains that Tether has opted to abandon for new USDT issuance.
<h2 data-ct-non-breakable="true" id="the-first-tether-usdt-was-issued-on-the-bitcoin-blockchain">The first Tether USDT was issued on the Bitcoin blockchain</h2>
In August 2023, Tether <a href="https://cointelegraph.com/news/tether-discontinues-bitcoin-stablecoin-citing-lack-of-usage">discontinued minting USDT on three blockchains</a>, including Kusama, Bitcoin Cash SLP (Simple Ledger Protocol) and the original USDT blockchain, the Omni Layer Protocol. 
The first Tether tokens were issued on the <a href="https://cointelegraph.com/news/fiat-backed-stablecoins-attempt-to-take-the-best-of-both-worlds">Bitcoin blockchain</a> through Omni in October 2014.
While dropping Eos and Algorand, Tether has been actively integrating new blockchain networks such as TON. After <a href="https://cointelegraph.com/news/tether-usdt-stablecoin-ton-blockchain">launching TON-based USDT</a> in April 2024, Tether has minted around $500 million worth of stablecoins based on TON, or 0.44% of the total circulating supply, according to Tether.
Magazine: <a href="https://cointelegraph.com/magazine/polkadot-indy-500-driver-conor-daly-dad-holds-dot/">Polkadot’s Indy 500 driver Conor Daly: ‘My dad holds DOT, how mad is that?’</a>

Tether halts USDT minting on Eos and Algorand

Table of Contents

Cointelegraph

Other articles published on Jun 24, 2024

Strike It Rich! BlockDAG’s $2M Giveaway Shines Bright Amid XRP’s Growing Adoption & STX’s Price D...

Best Presale in 2024: MoonBag’s Success is Compelling Solana and ChainGPT Investors To Switch

New lows for Ethereum gas usage as ETH tumbles below $3400: What now?

Breaking: Louisiana Passes Law to Protect Bitcoin Access and Ban CBDCs

Bitcoin and Altcoins Experience Significant Price Drops

Football legend Ronaldinho eyes crypto return, despite past controversy

Join our free newsletter for daily crypto updates!