Tether, the issuer of USD₮ tokens, will stop minting USDT on EOS and Algorand, effective immediately. Users have one year to redeem their tokens on these platforms.
This move highlights Tether’s focus on “enhancing community-driven blockchain support” by evaluating current transport layers for maintainability, usage, and community interest. Security and usability are key criteria in this evaluation process.
On Algorand, there is $17 million USDT across 39,000 holders, while EOS has $85 million USDT across 32,000 holders. These figures are minimal compared to the $112 billion market cap of USDT. Tether encourages the community to expand USD₮ use cases on supported chains, suggesting smaller chains bridge tokens rather than direct minting.
This strategic decision aims to optimize resources and align with community interests, ensuring sustainable benefits and minimal disruption during the transition.
