Bradley Keoun is the managing editor of CoinDesk's Tech & Protocols team. He owns less than $1,000 each of several cryptocurrencies.
Tether, issuer of the world's largest stablecoin, said that it will stop minting the dollar-linked USDT token on the Algorand and EOS blockchains as part of a"strategic transition to prioritize community-driven blockchain support."
New USDT will cease to be minted on Algorand and EOS starting on Monday, though Tether will continue redeeming the stablecoin on the two chains for the next 12 months., there's roughly $113 billion of USDT currently in circulation, distributed across 16 different blockchains. The vast majority of USDT, however, sits on just two chains – roughly $59 billion on Tron and $52 billion on Ethereum.
On Algorand, there's just $85 million of USDT, or only 0.08% of the total supply; on EOS, just $17 million, or 0.015% of total supply.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.
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