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Cryptocurrency News Articles
Tether to Stop Minting Stablecoin USDT on Algorand and EOS
Jun 24, 2024 at 10:01 pm
The circulating supply of the dollar-linked stablecoin on the two blockchains represents only about 0.1% of the total USDT supply.
Stablecoin issuer Tether will no longer mint its dollar-linked USDT token on the Algorand and EOS blockchains.
The move is part of a "strategic transition to prioritize community-driven blockchain support," Tether said Monday in a blog post.
The project aims to "strike a balance between maintainability, usage and community interest," the post adds.
New USDT will cease to be minted on Algorand and EOS starting Monday, although Tether will continue redeeming the stablecoin on the two chains for the next 12 months.
According to Tether's website, 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.
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