Tether Stops Minting Its USDT Stablecoin on Algorand and EOS Blockchains

Effective immediately, Tether will no longer issue new USDT tokens on Algorand and EOS. However, Tether will continue redeeming the stablecoin on the two chains for the next 12 months.

Stablecoin issuer Tether has announced that it will no longer mint the U.S. dollar-pegged USDT token on the Algorand and EOS blockchains. The move, which is effective immediately, will see Tether halt the issuance of new USDT tokens on the two blockchains. However, Tether will continue to redeem the stablecoin on the two chains for the next 12 months.

Transition To Be Hassle-Free

Tether has dropped support for the Algorand and EOS implementations by halting minting on both blockchains today.

“As part of our ongoing efforts to optimize the Tether blockchain ecosystem and prioritize community-driven support and resource allocation, effective immediately, we will no longer be minting new USDT tokens on the Algorand and EOS blockchains,” the company announced in a June 24 blog post.

However, the company will continue to support the redemption of USDT on the two blockchains for the next 12 months, at which point the company may evaluate and announce further changes.

“This decision follows a comprehensive evaluation of network security, usability, and sustainability as we strive to allocate our resources to projects that enhance security and efficiency and bolster innovation within the crypto ecosystem,” Tether added.

Previous Halts On Bitcoin, Bitcoin Cash, And Kusama

Algorand and EOS are not the only chains that Tether has opted to abandon for new USDT issuance. In August 2023, Tether stopped minting USDT on three other blockchains: Kusama, Bitcoin Cash’s Simple Ledger Protocol (SLP), and the original USDT blockchain, the Omni Layer Protocol. The first Tether tokens were issued on the Bitcoin blockchain through Omni in October 2014.

Tether now issues its USDT stablecoin on Ethereum, Avalanche, Celo, Kava (Cosmos), Liquid Network, NEAR, Solana, Polkadot, and Tron. Of the nine chains, the Ethereum and Tron blockchains host the lion’s share of the USDT supply.

While removing these chains, Tether has been actively integrating new blockchain networks such as The Open Network (TON). In April 2024, Tether launched TON-based USDT and has so far minted roughly $500 million worth of stablecoins on the platform, or 0.44% of the aggregated circulating supply of USDT.

According to CoinGecko data, the price of tether has gained 0.1% over the past 24 hours and currently trades at $1.