Pile of Tether Cryptocurrencies. Source: Alvaro - stock.adobe.com

Key Takeaways:

Tether will cease issuing new USDT tokens on EOS and Algorand from June 24, 2024.
USDT on EOS and Algorand constitutes less than 0.1% of the total supply, with $75.5 million on EOS and $17 million on Algorand.
Tether will continue redeeming USDT on these blockchains for 12 months and evaluate potential changes.

Tether has announced it will stop issuing new USDT tokens on the EOS and Algorand blockchains starting June 24, 2024.

The decision aligns with Tether’s strategy to focus resources on enhancing security and efficiency while promoting innovation.

UPDATE: @Tether_to stops minting USDT on EOS and Algorand to focus on community-driven platforms. Redemption will continue for the next 12 months. More details…↓#Tether #USDT #EOS (By: @ComposableD)https://t.co/hL8V11MCwY
— BSCN (@BSCNews) June 25, 2024

Despite halting new issuance, Tether will continue redeeming USDT on these blockchains for the next 12 months, with potential further changes to be evaluated.

EOS and Algorand-based USDT represent a minor fraction of the total supply, less than 0.1%, with $75.5 million on EOS and $17 million on Algorand.

Tether announced a strategic transition to prioritize community-driven blockchain support. Tether will stop supporting EOS and Algorand and will stop issuing USDT on EOS and Algorand. The transition will be completed within the next 12 months. https://t.co/4GihXRUgih
— Wu Blockchain (@WuBlockchain) June 24, 2024

Tether had previously discontinued USDT issuance on other blockchains like Kusama, Bitcoin Cash SLP, and Omni Layer Protocol.

Tether discontinuing support for EOS and Algorand, ends USDT minting on both blockchains https://t.co/hmnt7ezqOf
— The Block (@TheBlock__) June 24, 2024

Tether is also expanding its integration with new blockchains, such as The Open Network (TON), where it has minted approximately $500 million in USDT.