Published on juni 24, 2024, 2:17 pm
Image source: Fox News
```json [ "TLDR: Tether is stopping USDT minting on Eos and Algorand to focus on maintaining ecosystem balance and security. Despite this, USDT transactions are still supported on various other blockchain networks. Tether has ceased minting on other blockchains in the past and continues to integrate new networks like TON. This move reflects Tether's commitment to optimizing stablecoin offerings across different blockchain platforms amidst advancements in the cryptocurrency space." ] ```
Tether, the stablecoin giant, has recently announced its decision to discontinue support for the Eos Network and Algorand implementations of its flagship stablecoin USDT. Starting June 24, Tether will cease minting USDT on these two blockchains but will continue to redeem USDT on Eos and Algorand for the next year.
The move to halt USDT minting on Eos and Algorand is part of Tether’s strategy to maintain balance within its ecosystem. By evaluating the security architecture of various networks, Tether aims to enhance security and efficiency while promoting innovation.
Eos and Algorand are just two out of 17 blockchains that support Tether transactions. Despite the discontinuation, there are still numerous blockchain networks like Ethereum, Tron, Solana, and The Open Network (TON) that facilitate Tether transactions.
As of recent data, Eos-based USDT in circulation amounts to $75.5 million, while Algorand-based USDT stands at around $17 million. Although Tether is stopping support for Eos and Algorand issuance, it has been actively integrating new blockchain networks such as TON into its system.
In the past, Tether has ceased minting USDT on other blockchains like Kusama, Bitcoin Cash SLP (Simple Ledger Protocol), and the original USDT blockchain known as Omni Layer Protocol. This strategic move aligns with Tether’s continuous efforts to adapt and optimize its stablecoin offerings across different blockchain platforms.
With these developments in the cryptocurrency space, it showcases how stablecoins like USDT are evolving alongside advancements in blockchain technology.
Original article posted by Fox News
