Tether stopped issuing USDT on the EOS and Algorand networks
USDT redemption (swap) on EOS and Algorand will continue over the next 12 months. Tether will then evaluate and notify of further changes.
Starting June 24, 2024, Tether - the world's largest stablecoin issuer - will stop supporting the EOS and Algorand (ALGO) platforms by stopping the issuance of USDT on both blockchains.
However, users still have USDT sitting on the two networks that can still be swapped over the next 12 months. After this time, Tether may evaluate and announce further changes.
"We commit to our community that this transition will be done carefully and with minimal disruption...Our top priority remains a seamless user experience." users and we are committed to facilitating an easy transition."
Tether Announces Strategic Transition to Prioritize Community-Driven Blockchain Support
Although it did not share a clear reason for stopping USDT issuance on EOS and Algorand, Tether "cleverly" explained that this was a decision made after going through an evaluation process "with the goal of achieving balance between maintainability, usage and community interest."
“Our goal is to allocate resources where we can best improve security and efficiency, while continuing to support innovation across the entire cryptocurrency sector,” Tether said in a statement. Notification.
Tether's latest statement may be "implicit" because USDT user demand on the EOS and Algorand networks is too low.
According to Tether's website, there are approximately 113 billion USDT currently in circulation, distributed across 16 different blockchains, including Avalanche, Celo, Kava (Cosmos), Ethereum, Liquid Network, NEAR, Polkadot, Solana, Tezos, TON and Tron.
However, on EOS there are only 85 million USDT, or 0.08% of the total supply. Meanwhile on Algorand there is only 17 million USDT, equivalent to 0.015% of the total supply. The majority of USDT resides on just two chains – about $59 billion on Tron and $52 billion on Ethereum.
Previously in August 2023, Tether stopped issuing USDT on the three blockchains Omni, Bitcoin Cash and Kusama. Notably, Omni is a protocol built on Bitcoin, the first blockchain supported by Tether when launching USDT in 2014.
Tether is currently the largest stablecoin issuer in the cryptocurrency market, with a total USDT supply reaching a record of more than 110 billion. Recently, Tether announced its first quarter earnings report with impressive profits of 4.52 billion USD in just the first 3 months of 2024.
This announcement took place after Tether announced the launch of a new product that also belongs to the cryptocurrency category called "tethered assets", with the first token introduced being "Alloy by Tether" - abbreviated aUSDT, a token backed by physical gold stored in Switzerland.
