Tether Halts USDT Issuance on EOS and Algorand

From June 24, 2024, Tether will cease the issuance of its stablecoin USDT on the EOS and Algorand blockchains.

Tether Announces Strategic Transition to Prioritize Community-Driven Blockchain Support
Read more: https://t.co/UCL1MJt2WO

— Tether (@Tether_to) June 24, 2024

“Tether will continue to redeem USDT on EOS and Algorand as usual for the next 12 months,” the statement said.

However, the company does not rule out the possibility of reversing its decision. Its representatives promised a “smooth transition and minimal disruptions.”

“Our goal is to direct resources where they can best enhance security and efficiency while continuing to support innovation in the cryptocurrency space,” the company emphasized.

At the time of writing, the total supply of USDT on the two chains amounts to approximately $102 million.

In August 2023, Tether stopped issuing the stablecoin in the Kusama, Bitcoin Cash SLP, and Omni Layer ecosystems.

In April 2024, Tether added support for The Open Network (TON) blockchain. Later, Binance listed USDT on the TON network.