The decision followed an assessment of network security, usability and stability of blockchains. The company stated that it will allocate resources to those blockchains that, in its opinion, increase security and support innovation in the crypto space.
The company promises to support the repayment of USDT in Algorand and EOS for the next 12 months.
In August 2023, Tether stopped issuing USDT stablecoins on three other blockchains: Kusama, Simple Ledger Protocol (SLP) Bitcoin Cash and Omni Layer Protocol, where the stable USD Tether coins were initially launched. The first stablecoins were issued on Bitcoin through Omni in October 2014.
In April 2024, Tether launched USDT on The Open Network (TON), where it created about 500 million coins. This is approximately 0.44% of the total amount of USDT in circulation. Tether CEO Paolo Ardoino promised that the launch of USDT on the TON blockchain will ensure a low cost of transfers.
Last week, Tether launched the gold synthetic dollar aUSDT, which is to be released on the Alloy by Tether platform. The new aUSDT token will be provided with excess coverage with Tether Gold (XAUt) tokens linked to the value of physical gold.