Tether ends USDT minting on EOS and Algorand

The stablecoin provider Tether is ceasing operations on the Algorand and EOS blockchain. The company announced this in a press release. Therefore, starting today, Tether will stop issuing its USDT coin on both networks. Meanwhile, USDT exchanges will be allowed for another 12 months, according to the statement. Further decisions are thus pending.

As a reason, Tether cites a new focus on blockchain projects that receive strong "community support." This includes security architecture and network usability. The company also stated, "We will continue to support protocols and chains that the community finds useful and encourage the community to expand USDT's use cases on all protocols."

The price of both cryptocurrencies is in a long sideways movement. Both EOS and ALGO have fallen more than 90 percent from their former all-time highs. At the time of writing, ALGO is trading at USD 0.13, while EOS is trading at USD 0.55.