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Tether, the world’s largest stablecoin issuer, has announced it will be leaving two altcoin networks.
USDT developer Tether will only support protocols that the USDT “community finds useful” going forward.
According to a statement made by Tether, the company will no longer provide support for the EOS and Algorand networks.
In line with this, Tether will stop issuing USDT on the EOS and Algorand networks as of June 24.
Tether stated, “We will continue to support protocols and chains that the community finds useful and encourage the community to increase USDT’s use cases on all protocols.”
How will the process proceed?
USDT users on the EOS and Algorand networks will be able to redeem their funds for 12 months.
Tether said, “We promise our community that this process will be carried out with care and minimal disruption.”
With the withdrawal from the EOS and Algorand networks, Tether now only operates on the Avalanche, Celo, Kava, Ethereum, Liquid Network, NEAR, Polkadot, Solana, Tezos, TON and Tron networks.
A significant portion of USDT, with a total market capitalization of $112.75 billion, is issued on the Tron and Ethereum networks.
Tether had also stopped providing USDT services on the Bitcoin, Kusama, and Bitcoin Cash networks last year.