I'm here to share that Tether has decided to halt the issuance of its USDT stablecoin on the EOS and Algorand blockchains starting June 24. This move is part of Tether's ongoing strategy to refine its USDT offerings across different networks.

Even though Tether will no longer mint new USDT on EOS and Algorand, the company will continue to redeem USDT on these blockchains for the next 12 months. They mentioned that further changes could be evaluated and announced after this period.

The decision to discontinue USDT on EOS and Algorand is meant to maintain balance in the Tether ecosystem. Tether emphasized that they evaluate each network's security architecture to ensure safety and usability, and they aim to allocate resources where they can best enhance security and efficiency.

Despite this change, Tether assured that the transition will be smooth with minimal disruption. Their priority is to ensure a seamless user experience and a hassle-free transition.

EOS and Algorand account for a tiny fraction of the total USDT supply, with EOS-based USDT making up about 0.06% and Algorand-based USDT about 0.01% of the total $113 billion USDT in circulation.

Tether first launched USDT on Algorand in 2020 and on EOS in May 2019. However, EOS and Algorand are not the only blockchains Tether has stopped issuing USDT on. In August 2023, Tether also discontinued USDT minting on Kusama, Bitcoin Cash SLP, and the original Omni Layer Protocol.

While discontinuing these networks, Tether has been adding new ones, such as The Open Network (TON). Since launching TON-based USDT in April 2024, Tether has minted around $500 million worth of stablecoins on TON, accounting for 0.44% of the total circulating supply.