Tether, the issuer of the popular stablecoin USDT, announced its decision to stop USDT issuance on the Algorand and EOS blockchain networks on Monday. The company cited plans to focus on blockchains with expanding communities as the reason for this change. 🚀🔗

Although new token issuance has been halted, Tether has assured that token redemptions on Algorand and EOS will continue for at least the next 12 months.

Tether hinted at its decision to discontinue EOS and Algorand, driven by the need to prioritize community-driven blockchain support in its USDT efforts. This decision came after a series of evaluations and careful evaluation of the performance and sustainability of USDT on different blockchains.

Tether emphasized its commitment to continue supporting innovation while achieving its goal of properly allocating its resources to blockchains with efficiency and security.

Tether has made the decision to stop issuing USDT tokens on Algorand and EOS, aiming for a full transition within the next 12 months.

The stablecoin issuer has promised to continue supporting other chains with greater community popularity and encourage expansion into different protocols.

"We guarantee that this transition will be handled with care and minimal disruption. Our top priority is to provide a seamless user experience and we are committed to ensuring a seamless transition," Tether said. said.

The company concluded by expressing gratitude for the community's ongoing support and emphasizing its mission to create a global "sustainable and democratized financial system."

Tether continues to offer USDT on approximately 11 chains, including Ethereum, Tron, Avalanche, Kava, Liquid Network, Near, Celo, Polkadot, Solana, Ton, and Tezos.