Goodbye EOS and Algorand, Tether announces halt to minting USDT

Tether refers to this change as a "strategic transformation," indicating that it may no longer support public chains with low market share and low community engagement in the future.

Tether No Longer Supporting EOS and Algorand

According to an announcement, Tether will cease issuing USDT on the EOS and Algorand blockchains:

• Starting June 24, 2024, Tether will stop minting USDT on EOS and Algorand.

• For the next 12 months, users can still redeem USDT on EOS and Algorand as usual, with further announcements to follow at that time.

According to the Tether website, the market capitalization of USDT is approximately $113 billion. While it supports up to 16 blockchains, Tron with $59 billion and Ethereum with $52 billion cover 90% of the market capitalization.

The total supply of USDT on Algorand is only $85 million, accounting for 0.08% of the total supply, and on EOS, it is only $17 million, accounting for 0.015% of the total supply.

Tether's Strategic Transition

Tether refers to this change as a "strategic transition," with the main goal of continuously evaluating the supported blockchains based on maintainability, usage, and community interest, indicating a potential shift away from supporting blockchains with low market share and community interest.

The announcement states:

Community interest is a key consideration when we introduce USDT to a specific blockchain. We carefully assess the network's security architecture to ensure the selected blockchain's security, availability, and sustainability. Our goal is to allocate resources where they can most enhance security and efficiency while continuing to support innovation in the crypto space.

Tether emphasizes that the "strategic transition" will be seamless with minimal disruption to users and will continue to support protocols and blockchains that interest the community in the future.