Tether announces the end of USDT minting on Eos and Algorand, effective June 24, 2024. The transition will be smooth, with ongoing redemption available for 12 months.
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.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.
“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:
“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 are just two of 17 blockchains that enable Tether transactions on multiple blockchain networks, including Ethereum, Tron, Solana, The Open Network 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,) 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.launching TON-based USDT
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.
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