Tether has officially stopped issuing new USDT stablecoins on the Eos and Algorand platforms. The company revealed this strategic shift in a recent blog post dated June 24. Over the next year, while it will no longer mint new tokens, Tether will continue to support redemptions on these networks.
USDT Focus Shifts to Larger Ecosystems
This decision comes as Tether reevaluates its presence across multiple blockchains. Despite Eos and Algorand hosting a very small fraction of USDT’s total volume, with Eos-based tokens accounting for roughly 0.06% and Algorand just 0.01%, the company is opting to streamline its operations.
According to Tether, this move will help focus resources on platforms that enhance the ecosystem’s security and operational efficiency. The change aims for minimal disruption, maintaining a focus on user experience throughout the transition process.
Tether’s announcement noted, “We carefully evaluate the network’s security architecture to ensure the safety, usability, and sustainability of the chosen blockchain.”
Expansion on Other Networks
Meanwhile, Tether’s activities on other blockchains like TON are expanding. Since introducing USDT on TON in April 2024, Tether has issued approximately $500 million of its stablecoins on this network.
This adaptation indicates Tether’s ongoing commitment to align with blockchain environments that support robust growth and innovation within the cryptocurrency market.
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