Tether Strategic Transition Implemented With EOS and Algorand Support Dropped From June 24

Key Points:

• Tether will stop minting USDT on EOS and Algorand starting June 24, 2024 and focus on community-driven blockchains.
• USDT redemption on EOS and Algorand will continue for the next 12 months, with potential further adjustments announced during this period.
• Tether strategic transition aims to strengthen its blockchain ecosystem by reallocating resources to platforms that better align with its strategic goals.

Tether has announced a strategic transition to prioritize community-driven blockchains to sustain a robust and innovative ecosystem for USDT and other tokens.

Tether Strategic Transition: Ceasing USDT Minting on EOS and Algorand

Tether strategic transition demonstrates its commitment to maintaining security and efficiency while responding to the evolving needs of the blockchain community.

Starting June 24, 2024, Tether will cease minting USDT on EOS and Algorand. Despite this cessation, Tether will continue to redeem USDT on these networks for the next 12 months, with potential further updates during this period. The decision follows a thorough assessment of each blockchain’s security, usability, and sustainability, ensuring that Tether’s resources are focused on platforms that align more closely with its strategic goals.

Focus on Community-Driven Blockchains

Tether strategic transition will proactively evaluate and adjust its transport layers to ensure they meet high standards of maintainability and usability. By reallocating resources from EOS and Algorand to other blockchains, Tether aims to increase the resilience and innovation of the ecosystem.

EOS and Algorand are among 17 blockchains facilitating Tether transactions, including prominent networks such as Ethereum, Tron, Solana, and The Open Network (TON). Tether’s transparency page recently revealed a significant increase in USDT issuance on the TON blockchain, which now stands at approximately $580 million. TON has now become one of the leading platforms for USDT issuance, surpassed only by Tron, Ethereum, Solana, Avalanche, and Omni.

The rise in USDT issuance on the TON blockchain may drive increased usage and acceptance within the crypto market, potentially elevating TON’s prominence alongside other leading blockchain platforms.