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Tether to Stop Minting Stablecoin USDT on Algorand and EOS
The circulating supply of the dollar-linked stablecoin on the two blockchains represents only about 0.1% of the total USDT supply.
Updated Jun 24, 2024, 2:22 p.m. Published Jun 24, 2024, 2:20 p.m.
Tether, issuer of the world's largest stablecoin, said that it will stop minting the dollar-linked USDT token on the Algorand and EOS blockchains as part of a "strategic transition to prioritize community-driven blockchain support."
The project aims to "strike a balance between maintainability, usage and community interest," Tether said Monday in a blog post.
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New USDT will cease to be minted on Algorand and EOS starting on Monday, though Tether will continue redeeming the stablecoin on the two chains for the next 12 months.
According to Tether's website, there's roughly $113 billion of USDT currently in circulation, distributed across 16 different blockchains. The vast majority of USDT, however, sits on just two chains – roughly $59 billion on Tron and $52 billion on Ethereum.
On Algorand, there's just $85 million of USDT, or only 0.08% of the total supply; on EOS, just $17 million, or 0.015% of total supply.
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