Tether (USDT-USD), the issuer of the world’s most widely used stablecoin USDT, has announced the cessation of new USDT token minting on the EOS and Algorand blockchains. This move, effective from June 24, is part of Tether’s broader strategy to optimize its operations and ensure the highest security and efficiency across its blockchain integrations.
Details of the Termination
The decision to stop minting on EOS and Algorand follows Tether’s continuous evaluation of its supported networks. These two blockchains, which account for a minuscule portion of USDT’s total supply (less than 0.1%), will still support redemptions for the next 12 months. Tether aims to carry out this transition with minimal disruption to users, emphasizing its commitment to maintaining a seamless user experience.
Tether’s Strategic Shift
Tether’s focus is now on enhancing security and efficiency by reallocating resources to more impactful networks. This strategy is not new for Tether; in August 2023, it also stopped minting on Kusama, Bitcoin Cash SLP, and the original Omni Layer Protocol. The first USDT tokens were issued on the Bitcoin blockchain through the Omni Layer Protocol back in October 2014, marking the beginning of Tether’s journey.
Future Integrations
While phasing out support for EOS (EOS-USD) and Algorand (ALGO-USD), Tether is also integrating with new blockchains like The Open Network (TON). Since its launch on TON in April 2024, Tether has minted approximately $500 million worth of USDT on this network, highlighting its proactive approach to adopting new and promising technologies.
Key Takeaway
Tether’s decision to stop minting USDT on EOS and Algorand shows its focus on improving operations. By concentrating on more widely-used networks and adding new ones like TON, Tether is working to stay competitive and ensure a smooth experience for its users.
