As an experienced financial analyst with a background in blockchain technology and stablecoins, I have closely followed Tether’s (USDT) development and its presence across various blockchains. The recent announcement that Tether will cease minting new USDT on the Algorand and EOS blockchains is not surprising but a strategic move that prioritizes community-driven support.
Tether, the organization behind the world’s largest stablecoin (USDT), announced that it will cease producing USDT tokens on Algorand and EOS networks. This move is part of a deliberate shift to concentrate on backing community-led blockchain platforms instead.
In his blog post on Monday, Tether stated that the project aspires to achieve an equilibrium among maintainability, frequency of use, and community engagement.
Starting from Monday, the production of new units of USDT will no longer be permitted on Algorand and EOS. However, Tether will still honor redemption requests for these stablecoins on both platforms for the next twelve months.
Based on Tether’s website information, approximately $113 billion worth of USDT is in circulation, spread across 16 various blockchains. However, the largest portions of USDT, which amount to around $59 billion and $52 billion respectively, are located on Tron and Ethereum blockchains.
On Algorand, a mere $85 million worth of USDT is in circulation, representing less than 0.1% of the overall supply. Similarly, on EOS, only around $17 million of USDT is present, which equates to under 0.02% of the total amount.
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2024-06-24 17:23