Tether Halts New USD₮ Minting on EOS and Algorand, Citing Community Focus

Tether, the issuer of the world’s largest stablecoin, is adjusting its blockchain strategy by ceasing to mint new USD₮ tokens on the EOS and Algorand networks.

Starting June 24, 2024, Tether has announced it will discontinue minting USD₮ on EOS and Algorand but will continue to redeem USD₮ on these platforms for the next 12 months.

Community interest is a critical factor in Tether’s decision-making process. Tether evaluates the security architecture of each network to ensure the safety, usability, and sustainability of the chosen blockchain. This careful assessment helps allocate resources to enhance security and efficiency. The company remains committed to supporting the protocols and chains that the community values.

The transition to discontinue support for EOS and Algorand aims to maintain a robust blockchain ecosystem for USD₮ and other tokens issued by Tether. The company assures that this transition will be executed meticulously to minimize disruption. Users can expect a seamless experience as Tether facilitates this change.

Tether encourages the community to expand the use cases of USD₮ on every protocol. Currently, the Tether price stands at $0.999566, with a 24-hour trading volume of $53,829,062,141. Tether has increased slightly by 0.01% in the last 24 hours. Its market cap is $112,892,696,322, with a circulating supply of 112,941,691,563 USDT coins.

The decision to stop minting USD₮ on EOS and Algorand comes after thorough consideration. Tether remains focused on delivering a seamless user experience and ensuring the safety of its blockchain implementations. This strategic shift is expected to bolster the security and efficiency of the supported protocols.

Tether’s strategic shift highlights the evolving dynamics of the stablecoin market, where community adoption and blockchain security are increasingly prioritized over the sheer number of supported networks.