Tether to discontinue USDT on Algorand and EOS

Exciting news from Tether! They are planning to make some changes to USDT minting on Algorand and EOS over the next year. 

Stablecoin powerhouse Tether recently revealed their decision to shift focus to more community-driven networks by gradually phasing out USDT support on Algorand and EOS within the next 12 months. 

You can read the official announcement for more details. They are aiming to strike a balance between maintainability, usage, and community interest to enhance security and efficiency while promoting innovation in the crypto world. 

Exciting Changes at Tether!

Tether has announced that users can still redeem their USDT holdings on Algorand and EOS until next year. Stay tuned for further updates and announcements on this front. 

Following this news, the native tokens of Algorand (ALGO) and EOS (EOS) experienced a slight dip as their daily trading volumes soared by over 100%, according to CoinMarketCap data. 

As the largest U.S. dollar-pegged stablecoin on the market, USDT’s departure from Algorand and EOS brings down the number of supported networks from 14 to 12. Currently, USDT can be accessed on Avalanche, Celo, Cosmos, Ethereum, Liquid Network, Near, Polkadot, Solana, Tezos, The Open Network (TON), and Tron. 

This marks the first time that USDT has been discontinued on decentralized networks since 2023. In August last year, USDT was removed from Bitcoin, Bitcoin Cash, and Kusama. 

USDT circulating supply | Source: IntoTheBlock

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