Stablecoin issuer Tether will discontinue support for EOS and Algorand by halting the minting of USDT on both blockchains starting today. Despite this move, USDT redemptions on EOS and Algorand will continue for the next 12 months, during which Tether may reassess and announce further changes.
In an official statement, Tether assured its community that the transition will be handled carefully to minimize disruption. “Our top priority remains delivering a seamless user experience, and we are committed to facilitating a hassle-free transition,” the company stated.
Tether explained that it continually evaluates current transport layers to balance 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,” the statement added.
While Tether is phasing out USDT issuance on some blockchains, it is also actively integrating new networks. For instance, after launching USDT on TON in April 2024, Tether has minted $500 million worth of stablecoins on this blockchain, accounting for about 0.44% of the total circulating supply.
Tether also issues its stablecoin on several other blockchains, including Avalanche, Celo, Kava (Cosmos), Ethereum, Liquid Network, NEAR, Polkadot, Solana, Tezos, and Tron. However, the majority of USDT supply is hosted on the Ethereum and Tron blockchains.
This move follows Tether’s decision in August 2023 to discontinue minting USDT on the Kusama, Bitcoin Cash SLP (Simple Ledger Protocol), and Omni Layer Protocol blockchains. The first Tether tokens were originally issued on the Bitcoin blockchain through Omni in October 2014.
EOS and Algorand account for a small fraction of the total USDT supply. As of June 22, EOS-based Tether in circulation was $75.5 million, or about 0.06% of the total circulating USDT worth nearly $113 billion. Algorand-based USDT had an even smaller share, with around $17 million, or about 0.01% of the total USDT supply.
Tether launched USDT on the Algorand blockchain in 2020, following the rollout on the EOS blockchain in May 2019. These two blockchains are among the 17 networks that support Tether transactions, including major platforms like Ethereum, Tron, Solana, and The Open Network (TON).
