Tether Halts USDT Issuance on EOS and Algorand Blockchains
Tether announced its decision to immediately discontinue support for the EOS and Algorand blockchain implementations of USDT on June 24.
Tether’s blog post emphasized the decision was part of the company’s ongoing commitment to maintaining a robust blockchain ecosystem while focusing resources on platforms that best serve the community’s needs.
Following the termination of new USDT minting on these platforms, Tether will continue to redeem USDT on EOS and Algorand for the next 12 months.
“Further changes may be evaluated and announced around that time,” the company noted.
Tether Announces Strategic Transition to Prioritize Community-Driven Blockchain Support
Read more: https://t.co/UCL1MJt2WO
— Tether (@Tether_to) June 24, 2024
According to Tether, the move is a step towards optimizing its blockchain ecosystem by prioritizing community-driven support and resource allocation.
“Community interest plays a pivotal role when we bring USDT to specific blockchains,” the announcement read.
The company seeks to allocate resources to enhance security and efficiency while supporting innovation across the crypto ecosystem. Tether said it will continue to support other protocols and chains that the community finds valuable, encouraging the expansion of USDT use cases across various platforms.
Tether USDT was launched on the Algorand blockchain in 2020, and it has seen minimal adoption there. Only $17 million USDT is held by 39,000 holders, and a reserve allocation of $18 trillion is allocated.
Similarly, on the Eos blockchain, where USDT was introduced in May 2019, there are currently $85 million USDT tokens distributed among 32,000 holders . These figures represent a tiny fraction of the overall USDT supply, with a market cap of
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