🌎 Tether to Halt USDT Issuance on Algorand and EOS in 2024

Tether plans to discontinue USDT minting on two major blockchain ecosystems over a year-long transitionary period.

The stablecoin issuer announced its decision to end USDT support on Algorand and EOS within the next 12 months. This move is part of a shift towards more community-centric networks.

In an official statement released on Monday, the company emphasized its focus on balancing maintainability, usage, and community interest. “Our goal is to allocate resources where they can best enhance security and efficiency while continuing to support innovation across the crypto landscape,” the firm noted.

Tether Announces Strategic Transition to Prioritize Community-Driven Blockchain Support

According to Tether, users can still redeem USDT holdings on Algorand and EOS until next year. The company also reserved the right to make further announcements and changes as necessary.

The native tokens of Algorand (ALGO) and EOS (EOS) experienced slight declines following the news, with their respective daily trading volumes spiking over 100%, according to CoinMarketCap data.

USDT, the largest U.S. dollar-pegged stablecoin on the market, will see its supported networks reduced from 14 to 12. Barring any changes to the current plans, users can now access USDT on the following networks:

Avalanche
Celo
Cosmos
Ethereum
Liquid Network
Near
Polkadot
Solana
Tezos
The Open Network (TON)
Tron

This marks the first time USDT’s issuer has discontinued its stablecoin on a decentralized network since 2023. Last August, Tether decommissioned USDT on Bitcoin, Bitcoin Cash, and Kusama.