Tether; Algorand and EOS will stop printing USDT

Issuer of the world’s largest stablecoin TetherAlgorand as a module of strategic transition to prioritize community-driven blockchain underpinnings and EOSannounced that it will stop printing the dollar-pegged USDT token on blockchains.

Tether said in a blog post yesterday that the project “aims to establish stability between sustainability, usage and community interest.”

Today with its prestige AlgorandWhile new USDT minting on and EOS will cease, Tether will continue to use stablecoins on both chains for the next 12 months.

According to Tether’s website, there is currently approximately $113 billion in circulation distributed across 16 different blockchains. USDT there is. However, the vast majority of USDT is held on just two chains: on Tronapproximately 59 billion dollars, on Ethereumand 52 billion dollars.

Only 85 million dollars USDT in Algorand, that is, only 0.08% of the total supply, on EOSThe amount is only 17 million dollars, that is, 0.015% of the total supply.

This article was first published on CoinDesk Türkiye.