YEREVAN (CoinChapter.com) — Tether has introduced it’ll cease minting its US dollar-pegged stablecoin, USDT, on the Eos and Algorand blockchains beginning June 24. This variation is a part of Tether’s plan to streamline its operations.
Regardless of this halt, Tether will proceed to redeem USDT on these blockchains for the following 12 months.
“Further changes may be evaluated and announced around that time,”
the corporate talked about.
Tether Ensures Easy Transition Amid Blockchain Modifications
Tether’s resolution goals to keep up stability in its ecosystem.
“We carefully evaluate the network’s security architecture to ensure the safety, usability, and sustainability of the chosen blockchain,”
Tether famous. The corporate goals to allocate assets to enhance safety and effectivity whereas encouraging innovation. They assured customers that the transition could be easy and with minimal disruption.
“Our top priority remains delivering a seamless user experience, and we are committed to facilitating a hassle-free transition,”
Tether added.
Minimal Affect on USDT Provide from EOS and Algorand Minting Halt
The halt in USDT minting on Eos and Algorand may have a minor affect on the general USDT provide. As of June 22, Eos-based USDT in circulation was $75.5 million, representing simply 0.06% of the whole circulating USDT of almost $113 billion. Algorand-based USDT had an excellent smaller share, with round $17 million, or about 0.01% of the whole USDT.
Tether launched USDT on the Algorand blockchain in 2020, following its rollout on the Eos blockchain in Could 2019. Each blockchains are amongst 17 that help Tether transactions, together with Ethereum, Tron, Solana, and The Open Community (TON).
Tether Shifts Blockchain Focus
In August 2023, Tether stopped minting USDT on Kusama, Bitcoin Money SLP (Easy Ledger Protocol), and the unique USDT blockchain, the Omni Layer Protocol. The primary Tether tokens had been issued on the Bitcoin blockchain by Omni in October 2014.
Whereas ending help for Eos and Algorand, Tether has built-in new blockchain networks. In April 2024, Tether launched TON-based USDT, minting round $500 million price of stablecoins based mostly on TON, which accounts for 0.44% of the whole circulating provide.