Tether discontinuing support for EOS and Algorand, ends USDT minting on both blockchains
Quick Take Tether is stopping the minting of USDT on EOS and Algorand today. USDT redemptions on EOS and Algorand will continue for the next 12 months.
Tether will discontinue support for EOS -2.93% and Algorand ALGO -2.57% implementations by stopping the minting of USDT -0.038% on both blockchains today.
USDT redemptions on EOS and Algorand will continue for the next 12 months, when Tether may evaluate and announce further changes.
"We assure our community that this transition will be executed meticulously and with minimal disruption," the company wrote in an official announcement , adding: "Our top priority remains delivering a seamless user experience, and we are committed to facilitating a hassle-free transition."
Tether specifically preceded the news by explaining that it constantly assesses current transport layers and aims "to strike a balance between maintainability, usage, and community interest."
"Our goal is to allocate resources where they can best enhance security and efficiency while continuing to support innovation across the crypto landscape," it added.
With the removal of Algorand and EOS, Tether now issues its stablecoin on Avalanche, Celo, Kava (Cosmos), Ethereum, Liquid Network, NEAR, Polkadot, Solana, Tezos, TON and Tron. However, Ethereum and Tron blockchains host the vast majority of USDT supply.
In August 2023, Tether discontinued USDT support on Bitcoin, Kusama and Bitcoin Cash.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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