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Tether stablecoin on Algorand blockchain

by Blocks99

7 months ago

Tether, the most-traded digital token, is launching the Tether stablecoin on Algorand to leverage Algorand 2.0 and offer traders a fast, stable and secure network for moving money worldwide.

Tether, the blockchain-enabled platform that powers the largest stablecoin by market capitalization, has gone live on Algorand 2.0, launching the Tether stablecoin on Algorand. Algorand 2.0 is the world’s first permissionless, pure proof-of-stake (PoS) blockchain platform. Tether is the first stablecoin to leverage the innovation released in Algorand 2.0 and will provide instant confirmation, micro payments and automatic wallet support.

In an announcement, Tether says Algorand users will have access to the most liquid, stable medium of exchange using the high-speed, scalability and transaction finality inherent in the Algorand platform. Tether is using one of the key features of the Algorand 2.0 upgrade, the Algorand Standard Asset (ASA) technology, which makes it possible for the tokenization and issuance of any type of asset on the Algorand blockchain. Tether’s implementation on Algorand promises to benefit from block confirmation in under four seconds and transaction fees that are a fraction of a percent, unlocking the opportunity for micropayments on blockchain.

Diverse blockchains

“A key strength of Tether is that it is underpinned by a rich diversity of different blockchains,” says Tether CTO Paolo Ardoino. “Our latest collaboration with Algorand leverages the speed and security of Algorand’s protocol to give traders fast settlement and reduced counterparty risk in their fiat to digital asset transactions. Tether and Algorand both share a desire to keep building next-generation financial products and we feel our growing customer base will appreciate and benefit greatly from this collaboration.”

Steve Kokinos, CEO of Algorand Inc., says, “Tether’s issuance of their asset on Algorand will be a game-changer for global DeFi participants, as it is one of the fastest and safest ways to move money around the world.”

In addition to the collaboration with Algorand, Tether also works with Ethereum, EOS, Liquid Network, Omni and Tron.

(Source: Tether)

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