Tether to decommission USDT on Algorand and EOS

Tether plans to discontinue USDT minting across two major blockchain ecosystems during a one-year transition period.

Stablecoin giant Tether has announced its decision to discontinue USDT support on Algorand and EOS within the next 12 months, citing a shift towards more community-centric networks.

An official announcement on Monday said the firm plans to focus more on striking a balance between sustainability, utility and community interests. “Our goal is to allocate resources where they can best increase security and efficiency while continuing to support innovation in the crypto world,” the firm said in its announcement.

Tether cuts blockchain support to 12 networks

According to the stablecoin issuer, users will be able to continue using USDT holdings on Algorand and EOS until next year. Tether also reserved the right to make further announcements and changes on the matter.

Native tokens of Algorand (ALGO) and EOS (EOS) fell slightly following the news, with daily trading volumes rising over 100%, according to CoinMarketCap data.

The withdrawal of USDT, by far the largest US dollar-pegged stablecoin on the market, from Algorand and EOS reduced the number of supported networks from 14 to 12. Unless there are any changes to plans, users can now access USDT only through Avalanche, Celo, Cosmos, Ethereum, and Liquid. Network, Near, Polkadot, Solana, Tezos, Open Network (TON) and Tron.

This news marked the first time the USDT issuer has halted its stablecoin on a decentralized network since 2023. Last August, the digital payments giant deprecated Bitcoin, Bitcoin Cash, and USDT on Kusama.

USDT circulating supply | Source: IntoTheBlock