Tether has stopped working USDT on Eos and Algorand
Stablecoin Giant Tether continues to replace the main United States dollar-pegged stablecoin, USDT, by ending the issuance of new USDT tokens on several additional blockchains.
The company announced in a blog post on Monday, June 24 that it will stop operating Tether (USDT) on the Eos and Algorand blockchains as of June 24.
Following the shutdown, Tether will continue to mine USDT on Eos and Algorand “as usual” for the next 12 months. “Additional changes may be reviewed and announced around that time,” the announcement said.
The transition is expected to take place with minimal disruption
According to Tether, the removal of EOS and Algorithm-based USDT minting coincides with the company starting to maintain balance in the Tether ecosystem.
“We will carefully evaluate the network's security architecture to ensure the security, usability and sustainability of the chosen blockchain,” said Teter, adding that the ultimate goal is to promote innovation and “allocate resources to best enhance security and efficiency.” The announcement added:
“We assure our community that this transition will be done safely and with minimal disruption. Our top priority is delivering a seamless user experience, and we are committed to facilitating a seamless transition.”
Eos and Algorand account for less than 0.1% of the total USDT supply.
EOS and Algorand are just two of the 17 blockchains that enable Tether transactions on multiple blockchain networks, including Ethereum, Tron, Solana, The Open Network (TON), and more.
As of June 22, a total of $75.5 million of Eos-based Tether was in circulation, or 0.06% of the total USDT worth about $113 billion, according to data from Tether Transparency.
Algorithm-based Ether (ETH) has a smaller share of total USDT circulation, with a supply of around $17 million USDT, or about 0.01% of total USDT circulation.
As previously reported, Tether launched USDT on the Algorand blockchain in 2020, a few months after releasing USDT on the Eos blockchain in May 2019.
Related: Binance merges USDT on TON, opens transactions
EOS and Algorithm aren't the only two that Tether has chosen to ditch for the new version of USDT.
The first Tether USDT was released on the Bitcoin blockchain
As of August 2023, USDT has stopped working on three blockchains, including Tether Kusama, Bitcoin Cash SLP (Simple Ledger Protocol), and the main USDT blockchain, the Omni Layer Protocol.
The first Tether tokens were issued on the Bitcoin blockchain via Omni in October 2014.
While dropping EOS and Algorithm, Tether has been actively integrating new blockchain networks like TONE. Since launching ton-based USDT in April 2024, Tether has minted nearly $500 million in ton-based stablecoins, or 0.44 percent of the total circulating supply, according to Tether.
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