Tether Discontinues Minting of USDT on EOS and Algorand Blockchains

A notable player in the global cryptocurrency market, Tether, has discontinued the minting of its token, USDT, on the EOS and Algorand.

Cryptocurrency platform, Tether, has announced that it will stop minting its token, USDT, on EOS and Algorand starting today, June 24, 2024.

A statement from the platform, which was made available to Business Post, said the decision was taken to prioritise community-driven blockchain support.

However, it noted that it would continue to support the protocols and chains that the community finds useful.

The platform also urged the community to expand the use cases of USDt on every protocol.

“Tether will continue to redeem USD₮ on EOS and Algorand as usual for the next 12 months. Further changes may be evaluated and announced around that time,” a part of the notice read.

The statement further noted that Tether is committed to maintaining a robust and innovative blockchain ecosystem for USD₮ and all other tokens it issues.

“To uphold this commitment, we constantly assess current transport layers, striving to strike a balance between maintainability, usage, and community interest,” it also stated.

“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.

“We sincerely appreciate your continued support and trust in Tether. Together, we are paving the way for a more sustainable and democratized financial system for the entire world,” Tether added.

The platform noted that it carefully evaluated the network’s security architecture to ensure the safety, usability, and sustainability of the chosen blockchain.

“Our goal is to allocate resources where they can best enhance security and efficiency while continuing to support innovation across the crypto landscape,” it said.