{"id":32990,"date":"2024-06-25T06:17:29","date_gmt":"2024-06-25T06:17:29","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/tether-halts-usdt-minting-on-algorand-and-eos\/"},"modified":"2024-06-25T06:17:29","modified_gmt":"2024-06-25T06:17:29","slug":"tether-halts-usdt-minting-on-algorand-and-eos","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/tether-halts-usdt-minting-on-algorand-and-eos\/","title":{"rendered":"Tether Halts USDT Minting on Algorand and EOS"},"content":{"rendered":"<p><b>(Originally posted on : Crypto News &#8211; iGaming.org )<\/b><br \/>\n<\/p>\n<div>\n<p>The largest stablecoin in the world, Tether, has said that it would no longer be minting its USDT token, which is tied to the dollar, on the Algorand and EOS blockchains. This move is a part of a \u201cstrategic transition to prioritize community-driven blockchain support,\u201d a blog post from Monday stated.<\/p>\n<p>Tether\u2019s goal is to \u201cstrike a balance between maintainability, usage, and community interest.\u201d Tether plans to concentrate resources on more well-liked and frequently-used blockchains by stopping the minting of fresh USDT on Algorand and EOS. To provide a seamless transition for existing users, Tether will continue redeeming the stablecoin on Algorand and EOS for the next 12 months, even if fresh minting will cease.<\/p>\n<h2>Distribution and Market Dynamics<\/h2>\n<p>Currently, there are approximately $113 billion of USDT in circulation, spread across 16 different blockchains. However, the vast majority of USDT is concentrated on two major chains: Tron and Ethereum. Tron holds about $59 billion of USDT, while Ethereum holds approximately $52 billion.<\/p>\n<p>In contrast, Algorand and EOS account for only a small fraction of the total USDT supply. Algorand holds around $85 million, representing a mere 0.08% of the total supply. EOS holds even less, with just $17 million, or 0.015% of the total supply. This significant disparity highlights why Tether has chosen to halt minting on these less utilized platforms.<\/p>\n<p>By focusing on blockchains with higher usage and community interest, Tether aims to enhance the efficiency and impact of its USDT stablecoin. This strategic move aligns with Tether\u2019s ongoing efforts to adapt to market demands and optimize its operations for broader community support.<\/p>\n<div class=\"main-org-3-item-ins box-100 relative mb-4\">\n<div class=\"space-org-3-items box-100 relative\">\n<div class=\"box-100 space-org-3-item relative border-tb mt-1 \">\n<div class=\"space-org-3-item-ins box-100 relative\">\n<div class=\"space-org-3-item-terms box-25 relative\">\n<div class=\"space-org-3-item-terms-ins box-100 text-center relative\"> <strong>5BTC or 111% + 111 Free Spins!<\/strong> <\/p>\n<p>New players only. Exclusive 111% Welcome Bonus + 111 Free Spins<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div><\/div>\n<p><a href=\"https:\/\/igaming.org\/crypto\/tether-halts-usdt-minting-on-algorand-and-eos\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Crypto News &#8211; iGaming.org ) The largest stablecoin in the world, Tether, has said that it would no longer be minting its USDT token, which is tied to the dollar, on the Algorand and EOS blockchains. This move is a part of a \u201cstrategic transition to prioritize community-driven blockchain support,\u201d a [&hellip;]<\/p>\n","protected":false},"author":34,"featured_media":32991,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/32990"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=32990"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/32990\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/32991"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=32990"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=32990"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=32990"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}