According to TechFlow, Tether, the leading stablecoin USDT issuer, announced that it will undergo a strategic transformation and give priority to issuing USDT on community-driven blockchains. Tether said in the announcement that they will suspend the issuance of USDT on the public chains EOS and Algorand, and continue to support protocols or public chains that the community considers useful. Starting from June 24, 2024, Tether will stop minting USDT on EOS and Algorand. In the next 12 months, Tether will continue to exchange USDT on EOS and Algorand as usual. If there are other changes, they will be announced in a timely manner after evaluation.
Currently, Tether issues USDT on Tron, Ethereum, Solana, Ton, Avalanche, Near and other public chains. Among them, Tron has the largest issuance, with a total issuance of more than 59.8 billion US dollars. Ethereum has an issuance of nearly 52 billion US dollars, and Solana has an issuance of about 1.89 billion US dollars. The issuance of EOS and Algorand is only 85.2 million US dollars and 17.2 million US dollars respectively. This may be one of the reasons why Tether decided to stop issuing USDT on these two public chains.
