Blow from Tether to Two Altcoins: Decision to Withdraw!

Tether, the world's largest stablecoin issuer, announced that it will leave two altcoin networks.

Tether, the developer of USDT, will now only support protocols that the USDT "community finds useful".

Two altcoins are being withdrawn from the network

According to the statement made by Tether, the company will no longer provide support for EOS and Algorand networks.

In this regard, Tether will stop issuing USDT on the EOS and Algorand networks as of June 24.

Tether stated, “We will continue to support protocols and chains that the community finds useful, and we encourage the community to increase the use of USDT in all protocols.”

How will the process proceed?

USDT users on the EOS and Algorand networks will be able to exchange their coins for the next 12 months.

“We promise our community that this process will proceed meticulously and with minimal disruption,” Tether said.

With its withdrawal from the EOS and Algorand networks, Tether now operates only on the Avalanche, Celo, Kava, Ethereum, Liquid Network, NEAR, Polkadot, Solana, Tezos, TON and Tron networks.

The majority of USDT, which has a total market value of $112.75 billion, is issued on the Tron and Ethereum networks.

Last year, Tether stopped providing USDT service on the Bitcoin, Kusama and Bitcoin Cash networks.