Tether Halts USDT Minting on Algorand and EOS

TL;DR

• Tether has halted support for Algorand and EOS blockchains.

• The stablecoin issuer said USDT redemptions on EOS and Algorand will continue for the next 12 months.

Tether Halts Minting Support for Algorand and EOS Blockchains 

Tether, the largest stablecoin issuer in the world, announced on Monday that it will discontinue support for EOS and Algorand blockchains by stopping the minting of  USDT on the networks. 

The company revealed that USDT USDT redemptions on EOS and Algorand will continue for the next 12 months, after which Tether may evaluate and announce further changes.

Tether said, 

“Tether will stop minting USDT on EOS and Algorand starting today, June 24, 2024. Tether will continue to redeem USDT on EOS and Algorand as usual for the next 12 months. Further changes may be evaluated and announced around that time.

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 pointed out that they are deeply committed to maintaining a robust and innovative blockchain ecosystem for USDT and all other tokens they issue. Hence, the company constantly assesses current transport layers, striving to strike a balance between maintainability, usage, and community interest.

By halting support of Algorand and EOS blockchain, Tether’s USDT is now available on Avalanche, Celo, Kava (Cosmos), Ethereum, Liquid Network, NEAR, Polkadot, Solana, Tezos, TON, and Tron. 

The discontinuation of USDT on Algorand and EOS comes less than a year after Tether halted support for Bitcoin, Kusama, and Bitcoin Cash.