The world’s biggest stablecoin provider, Tether, announced that as part of a “strategic transition to prioritize community-driven blockchain support,” it will no longer be minting the USDT token, which is correlated with the dollar, on the Algorand and EOS blockchains. To “strike a balance between maintainability, usage and community interest,” Tether stated in a blog post on Monday, the project’s goal.
As of Monday, Tether will no longer be creating new USDT on Algorand and EOS, but it will still be redeeming the stablecoin on those two chains for the upcoming year.
As per the Tether website, over $113 billion worth of USDT is presently in circulation, dispersed among 16 distinct blockchains.But only two chains hold the great majority of USDT: Tron, with about $59 billion, and Ethereum, with $52 billion. Merely $85 million of USDT, or 0.08% of the total supply, is present on Algorand, while just $17 million, or 0.015% of the total supply, is present on EOS.