Tether to Stop Minting Stablecoin USDT on Algorand and EOS
Summary
Tether, the issuer of the world's largest stablecoin, has announced it will stop minting the USDT token on the Algorand and EOS blockchains. This decision is part of a strategic transition to prioritize community-driven blockchain support. The company aims to balance maintainability, usage, and community interest. While new USDT will no longer be minted on Algorand and EOS from Monday, Tether will continue redeeming the stablecoin on these two chains for the next 12 months. Currently, there is approximately $113 billion of USDT in circulation across 16 different blockchains, with the majority ($59 billion) on Tron and $52 billion on Ethereum. Algorand and EOS hold just $85 million and $17 million of USDT respectively.
