Tether to Stop Minting USDT on Algorand and EOS Blockchains

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Tether, the creator of the largest stablecoin in the world, has announced its decision to stop producing the USDT token on the Algorand and EOS blockchains. This move is part of Tether’s strategic plan to prioritize its support for blockchain networks driven by community interest.

In a blog post released on Monday, Tether stated that the project’s goal is to balance maintainability, usage, and community interest.

Effective immediately, the creation of new USDT tokens on Algorand and EOS will end. However, Tether will continue to redeem the stablecoin on these two blockchains for the next 12 months.

According to Tether’s official website, there is a total of $113 billion USDT currently in circulation on 16 different blockchains. However, the majority of these stablecoins (approximately $59 billion) are on the Tron blockchain, followed by $52 billion on Ethereum.