Tether (USDT) stablecoin on the EOS network
The emergence of Tether (USDT) on the EOS blockchain
Although the EOS network was launched in 2018, USDT was not integrated until mid-2019. That said, EOS was one of the first blockchains to start supporting the USDT token: before that, the stablecoin was only available in the Omni, Ethereum, and Tron protocols.
EOS is one of the most popular blockchain networks, and one of the first decentralized exchanges, Eosfinex, was launched on it. The integration with the Eosfinex DEX exchange was the main motivation behind the launch of USDT on the EOS blockchain. USDT's appearance on the EOS network allowed users to exchange digital assets for less volatile stablecoins, which were cheaper than transactions on centralized exchanges.
Benefits of using/storing USDT on the EOS network
The EOS blockchain has a reasonably high throughput, allowing up to 10,000 transactions per second (TPS). At its launch and in the early years afterward, EOS was one of the fastest and most efficient blockchains, and it has been rapidly gaining popularity.
However, USDT in the EOS blockchain has not been as popular as in Ethereum, Tron, Solana, and similar networks. This is because the interfaces of EOS wallets and the mechanics of working with them differ significantly. For example, creating an account in the EOS network required a fee, albeit a small one. This was a kind of protection against spam, which can reduce the network performance.
Wallets that support USDT in EOS
Even though EOS accounts have their peculiarities of operation, many well-known wallets support tokens in this blockchain network:
- Ledger (hardware wallet);
- Trezor (also a hardware wallet);
- Blocks.io (official EOS wallet);
- Atomic Wallet;
- Exodus;
- Math Wallet;
- Coinbase Wallet;
- Guarda and others.
Where to buy USDT on the EOS network?
In June 2024, the issuer of the stablecoin Tether announced the termination of USDT support in the EOS network. The reason for this is most likely the stablecoin's low popularity on this blockchain.
Tether will continue to redeem USDT on the EOS network for 12 months, that is, until June 2025. It's also worth noting that Tether has indicated that it may change its mind about its decision. For now, users have plenty of time to store or use USDT tokens on the EOS network.
The problem is that few exchanges and online exchanges support USDT on the EOS network. With the issuer no longer supporting USDT on the EOS network, there will be fewer and fewer options to buy USDT on the EOS network over time.